Full solution

Q. Pincipat:

\$ 4400

Rate:

7.25 \%

Years:

9 \frac{1}{2}

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A=P\left(1+\left(\frac{A P R}{n}\right)\right)^{n} \quad I=P R T

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\$ 8291.66

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\$ 2506.16

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\$ 16.691 .66

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\$ 2516.61

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Identify Formula: First, let's identify the formula to use for compound interest since the problem doesn't specify simple or compound interest, we'll assume compound interest which is more common. $\newline$ $A = P(1 + (r/n))^{(nt)}$ $\newline$ Where $A$ is the amount of money accumulated after $n$ years, including interest. $\newline$ $P$ is the principal amount (the initial amount of money). $\newline$ $r$ is the annual interest rate (decimal). $\newline$ $n$ is the number of times that interest is compounded per year. $\newline$ $t$ is the time the money is invested for, in years.
Convert Interest Rate: Now, let's convert the annual interest rate from a percentage to a decimal by dividing by $100$ . $7.25\% = \frac{7.25}{100} = 0.0725$
Assume Compounding Frequency: The problem doesn't specify how often the interest is compounded, so we'll assume it's compounded once a year $n=1$ .
Plug Values into Formula: Now we'll plug the values into the formula. $\newline$ $P = \$4400$ $\newline$ $r = 0.0725$ $\newline$ $n = 1$ $\newline$ $t = 9.5$ $\newline$ $A = 4400(1 + (0.0725/1))^{(1*9.5)}$
Calculate Inside Parentheses: Let's do the calculation inside the parentheses first. $\newline$ $1 + (0.0725/1) = 1 + 0.0725 = 1.0725$
Calculate Exponent Part: Now we'll calculate the exponent part. $\newline$ $(1.0725)^{(1\times9.5)} = (1.0725)^{9.5}$
Calculate Exponent: Now we'll calculate the exponent using a calculator. $\newline$ $(1.0725)^{9.5} \approx 1.954768$
Multiply by Principal: Finally, we'll multiply this by the principal to find the total amount. $\newline$ $A = 4400 \times 1.954768$
Final Calculation: Now we'll do the multiplication. $\newline$ $A \approx 4400 \times 1.954768 \approx \$(8600.98)$