Respuesta :
The correct answer is A) $1249.
Explanation:
The amount of interest is calculated using the formula
[tex]A=p(1+\frac{r}{n})^{nt}[/tex],
where a is the amount of principal, r is the interest rate as a decimal number, n is the number of times per year the interest is compounded, and t is the number of years.
Our principal is $750, the interest rate is 4%=4/100=0.04, n is 1, and t is 13:
[tex]A=750(1+\frac{0.04}{1})^{13\times1}=750(1+0.04)^{13}=750(1.04)^{13}=1248.81[/tex],
which rounds to 1249.
Explanation:
The amount of interest is calculated using the formula
[tex]A=p(1+\frac{r}{n})^{nt}[/tex],
where a is the amount of principal, r is the interest rate as a decimal number, n is the number of times per year the interest is compounded, and t is the number of years.
Our principal is $750, the interest rate is 4%=4/100=0.04, n is 1, and t is 13:
[tex]A=750(1+\frac{0.04}{1})^{13\times1}=750(1+0.04)^{13}=750(1.04)^{13}=1248.81[/tex],
which rounds to 1249.
Answer:
A. $1249.
Step-by-step explanation:
We have been given that Juno deposited $750 in a savings account that earns 4% interest compounded annually. We are asked to find the amount of money in the account after 13 years.
To solve our given problem, we will use compound interest formula. [tex]A=P(1+\frac{r}{n})^{nt}[/tex], where,
A = Amount after t years,
P = Principal amount,
r = Interest rate in decimal form,
n = Number of times interest is compounded per year,
t = Time in years.
Let us convert our given interest rate in decimal form.
[tex]4\%=\frac{4}{100}=0.04[/tex]
Upon substituting our given values in compound interest formula we will get,
[tex]A=\$750(1+\frac{0.04}{1})^{1\cdot 13}[/tex]
[tex]A=\$750(1+0.04)^{13}[/tex]
[tex]A=\$750(1.04)^{13}[/tex]
[tex]A=\$750\times 1.665073507310388[/tex]
[tex]A=\$1248.805130482791\approx \$1249[/tex]
Therefore, there will be $1249 in Juno's account after 13 years and option A is the correct choice.
