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Principat:
$8400 Rate:
7.25% Years:
9(1)/(2)

A=P(1+((APR)/(n)))^(n)

$8291.66

$2506.16

$16,691.66

$2516.61
4 Moving to another question will save this response.

Principat: $\$ 8400$ Rate: $7.25 \%$ Years: $9 \frac{1}{2}$ $\newline$ $A=P\left(1+\left(\frac{A P R}{n}\right)\right)^{n}$ $\newline$ $\$ 8291.66$ $\newline$ $\$ 2506.16$ $\newline$ $\$ 16,691.66$ $\newline$ $\$ 2516.61$ $\newline$ $4$ Moving to another question will save this response.

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Interpret measures of center and variability

Full solution

Q. Principat:

\$ 8400

Rate:

7.25 \%

Years:

9 \frac{1}{2}

\newline

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

\newline

\$ 8291.66

\newline

\$ 2506.16

\newline

\$ 16,691.66

\newline

\$ 2516.61

\newline

4

Moving to another question will save this response.

Identify Formula: Identify the formula for compound interest. $\newline$ $A = P(1 + (\frac{r}{n}))^{(nt)}$ $\newline$ 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: Convert the annual interest rate from a percentage to a decimal. $\newline$ $7.25\% = 0.0725$
Determine Compounding Frequency: Since the interest is compounded annually, $n$ is $1$ . $\newline$ $n = 1$
Calculate Final Amount: Plug the values into the formula to calculate the final amount. $\newline$ $A = 8400(1 + (0.0725/1))^{(1*9.5)}$ $\newline$ $A = 8400(1 + 0.0725)^{9.5}$ $\newline$ $A = 8400(1.0725)^{9.5}$
Calculate Amount: Calculate the amount. $\newline$ $A = 8400 \times (1.0725)^{9.5}$ $\newline$ $A \approx 8400 \times 2.009567$ $\newline$ $A \approx 16880.3626$

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