Ahmad earned $475 last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 15PT: Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest,...
icon
Related questions
icon
Concept explainers
Topic Video
Question

Solve this economic

Ahmad earned $475 last
summer. He deposited this
money in an account that pays
an interest rate of 3.8%
compounded annually. What
will be his balance after 15 year?
$839.45
$827.52
$846.80
$831.10
Transcribed Image Text:Ahmad earned $475 last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year? $839.45 $827.52 $846.80 $831.10
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill