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

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Apr 26th, 2015
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Apr 26th, 2015
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