## Related questions with answers

Question

By using the compound interest formula to compute the balance in account after the stated period of time, assuming that interest is compounded annually. $\$ 3000$ is invested at an APR of $1.8 \%$ for $12$ years.

Solution

VerifiedAnswered 2 years ago

Answered 2 years ago

Step 1

1 of 4The goal is to calculate the balance in an account that has $\$3000$ invested at an annual percentage rate of $1.8\%$ for $12$ years.

Assume that the account earns compound interest.

To calculate the balance, apply the *Compound Interest Formula* for interest paid once a year:

$A=P\times (1+APR)^Y$

where

$A$ is the accumulated balance after $Y$ years. $P$ is the starting principal $APR$ is the annual percentage rate (as a decimal) $Y$ is the number of years

## Create a free account to view solutions

By signing up, you accept Quizlet's Terms of Service and Privacy Policy

## Create a free account to view solutions

By signing up, you accept Quizlet's Terms of Service and Privacy Policy

## Recommended textbook solutions

#### Statistical Techniques in Business and Economics

15th Edition•ISBN: 9780073401805 (11 more)Douglas A. Lind, Samuel A. Wathen, William G. Marchal1,236 solutions

#### Using and Understanding Mathematics: A Quantitative Reasoning Approach

7th Edition•ISBN: 9780134705187 (3 more)Jeffrey O. Bennett, William L. Briggs3,437 solutions

#### Financial Algebra

1st Edition•ISBN: 9780538449670 (1 more)Richard Sgroi, Robert Gerver2,606 solutions

#### Financial Algebra: Advanced Algebra with Financial Applications

2nd Edition•ISBN: 9781337271790Richard Sgroi, Robert Gerver3,016 solutions

## More related questions

1/4

1/7