3400 dollars is placed in an account with an annual interest rate of 7.5%. How much will be in the account after 17 years, to the nearest cent?

Question

im having trouble with math lmao

Answer 1

A=P(1+r)^t for annual compound interest

A=3400(1.075)^17 =$11,625.80 rounded to nearest cent,

after 17 years at 7.5% interest with $3,400 investment

for continually compounded interest

A= Pe^rt

A =3400e^.075(17) = $12,167.58

for compound interest between 1 year and continuously

A=P(1+r/n)^nt

where n= number of compounding periods per year