Use the compound-interest formula to find the account balance A, where P is principal, r is interest rate, n is number of compounding periods per year, t is time, in years, and A is account balance. compounded 1 $52,548 8- 87% Quarterly 32 The account balance is approximately $ (Simplify your answer. Type an integer or decimal rounded to two decimal places as needed.)

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,...
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Use the compound-interest formula to find the account balance A, where P is principal, r is interest rate, n is number of compounding periods per year, t is time, in
years, and A is account balance.
compounded
t
1
1
$52,548
85
%-
Quarterly
The account balance is approximately $.
(Simplify your answer. Type an integer or decimal rounded to two decimal places as needed.)
ve: FDA
Enter your answer in the answer box.
Transcribed Image Text:Use the compound-interest formula to find the account balance A, where P is principal, r is interest rate, n is number of compounding periods per year, t is time, in years, and A is account balance. compounded t 1 1 $52,548 85 %- Quarterly The account balance is approximately $. (Simplify your answer. Type an integer or decimal rounded to two decimal places as needed.) ve: FDA Enter your answer in the answer box.
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