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If you deposit 4500 in an account paying 3.2% interest continually home much will the account balance be after 1.5 year

Sagot :

Absor201idn

Answer:

We conclude that the total amount accrued, principal plus interest,  from compound interest on an original principal of  $4,500.00 at a rate of 3.2% per year  compounded continuously  over 1.5 years is $4,721.27.

Step-by-step explanation:

Given

  • Principle P = 4500 (Let say in $)
  • Interest rate r = 3.2% = 0.032
  • Time period t = 1.5 years

To determine

Accrue Amount A = ?

Using the formula

[tex]A\:=\:Pe^{rt}[/tex]

substitute r = 0.032, P = 4500, and t = 1.5

[tex]A\:=\:4,500.00\left(2.71828\right)^{\left(0.032\right)\left(1.5\right)}[/tex]

A = $ 4721.27

Therefore, we conclude that the total amount accrued, principal plus interest,  from compound interest on an original principal of  $4,500.00 at a rate of 3.2% per year  compounded continuously  over 1.5 years is $4,721.27.

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