Mathematics, 29.01.2020 07:54 celestemaria0727
Landry earned $2,300 over the summer and decided to invest it in an account that earns 4% annual compound interest. if landry does not make any other deposits or withdrawals, how much will be in her account after 20 years?
Answer from: kingnatsu579
Landry will have $5039.58
Step-by-step explanation:
compound interest formula: amount = p(1 + \frac{r}{n})^{nt}
p= principal ($2,300)
r= interest rate as a decimal (4% = 0.04)
n= number of times the principal is compounded per year (annually = once per year so 1 time per year)
t= time in years (20 years)
new equation: amount = 2300(1+\frac{0.04}{1} )^{1*20}
That equation equals $2,739.58 which you add to the principal.
$2,739.58 + $2,300 = $5039.58
hope this helps :) the equations aren't showing up right :(
Answer from: Quest
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Answer from: Quest
answer: the anser is 3
step-by-step explanation:
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