EXPONENTIAL AND LOGARITHMIC FUNCTIONSMaxFinding the final amount in a word problem on compound interestEspañoJustin deposited $4000 into an account with 3.6% interest, compounded annually. Assuming that no withdrawals are made, how much will hehave in the account after 4 years?Do not round any intermediate computations, and round your answer to the nearest cent.?A|A

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Asked Sep 27, 2019
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EXPONENTIAL AND LOGARITHMIC FUNCTIONS
Max
Finding the final amount in a word problem on compound interest
Españo
Justin deposited $4000 into an account with 3.6% interest, compounded annually. Assuming that no withdrawals are made, how much will he
have in the account after 4 years?
Do not round any intermediate computations, and round your answer to the nearest cent.
?
A
|A
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EXPONENTIAL AND LOGARITHMIC FUNCTIONS Max Finding the final amount in a word problem on compound interest Españo Justin deposited $4000 into an account with 3.6% interest, compounded annually. Assuming that no withdrawals are made, how much will he have in the account after 4 years? Do not round any intermediate computations, and round your answer to the nearest cent. ? A |A

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Expert Answer

Step 1

Given,

P $4000, t
We know that
4 years and r 3.6%
nt
A P (1
п,
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P $4000, t We know that 4 years and r 3.6% nt A P (1 п,

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Step 2

Since, it is compounded ...

4
0.036
.. A = 4000 ( 1 +
4000(1.036)
= 4607.857214
4607.86
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4 0.036 .. A = 4000 ( 1 + 4000(1.036) = 4607.857214 4607.86

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