Answer:
The balance after 37 years is $3869.99
Step-by-step explanation:
Given:
- Principal (P) = $2,520
- Rate of Interest (R) = 1.16%
- Time (t) = 37 years
- Compounds Interest Monthly (n) = 12
The Amount (A),
A = P (1 + [tex]\frac{R}{100n}[/tex][tex])^{nt}[/tex] if compound n times per year
Amount (A) at 37 years,
A = ($2,520) (1 + [tex]\frac{1.16}{100(12)}[/tex][tex])^{12 x 37}[/tex]
A = ($2,520) (1 + [tex]\frac{1.16}{1,200}[/tex][tex])^{444}[/tex]
A = ($2,520) (1.00096667 [tex])^{444}[/tex]
A = ($2,520) (1.5357)
A = $3869.9944
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