Barry Newman's savings account has a balance of $4088. After 25 years, what will

Business & Finance
Tutor: None Selected Time limit: 1 Day

Barry Newman's savings account has a balance of $4088. After 25 years, what will the amount of interest be at 6% compounded annually? 

A) $13,462.16 

B) $13,448.16 

C) $2452.80 

D) $13,457.16

Apr 26th, 2015

The answer is 13, 457 .16$

Amount after 25 yrs = P (1+r%)^n

                               =4088 (1+0.06)^25

                                 = 17545.16

So Interest = Amount after 25 yrs - P

                   = 17545.16 - 4088

                    = 13, 457 .16$

Please let me know if you have any other questions and best me if you are satisfactory. 

Apr 26th, 2015

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
Apr 26th, 2015
...
Apr 26th, 2015
Mar 30th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer