sylveonkia sylveonkia

25-06-2024
Mathematics

Answered

Need help please!!
The Russells are saving up to go on a family vacation in years. They invest into an account with an annual interest rate of compounded annually.

Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.

Need help please The Russells are saving up to go on a family vacation in years They invest into an account with an annual interest rate of compounded annually class=

Answer :

jimthompson5910 jimthompson5910

25-06-2024

Answers:

(a) 2497.78

(b) 97.78

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Work Shown for part (a)

A = P*(1 + r/n)^(n*t)

A = 2400*(1+0.0134/1)^(1*3)

A = 2497.77860665

A = 2497.78

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Work Shown for part (b)

interest = Final - Deposit

interest = A - P

interest = 2497.78 - 2400

interest = 97.78

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