you deposit 3,800 in an account with an annual interest of 5.2% for 20 years

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04-02-2021
Mathematics

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you deposit 3,800 in an account with an annual interest of 5.2% for 20 years

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x111flowers x111flowers · Answer 1 · 2021-02-04T21:59:56+01:00

x111flowers x111flowers

04-02-2021

First, convert R percent to r a decimal
r = R/100
r = 5.2%/100
r = 0.052 per year,

Then, solve our equation for A
A = P(1 + r/n)nt
A = 3,800.00(1 + 0.004333333/12)(12)(20)
A = $ 10,726.90

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