user12345678765234 user12345678765234
  • 13-05-2020
  • Mathematics
contestada

T.J. invests $8,100 in an account
that earns 7.2% compound interest.
If T.J. does not make any additional
deposits or withdrawals, how much
interest will he earn after 7 years?

Respuesta :

markuse2324 markuse2324
  • 13-05-2020

Answer:

$13,177.97

Step-by-step explanation:

Compound Interest Formula

[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]

A = final amount

P = initial investment

r = interest rate

n = number of times the rate is applied during a time period

t = number of times the time period has elapsed

[tex]A=8100(1+\frac{.072}{1} )^{(1)(7)} \\A=8100(1.072)^{7}\\ A=8100*(1.626909883)\\A=13177.97006[/tex]

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