if $600 are deposited into an account with a 9.5% interest rate, compounded annually, what is the balance…

if $600 are deposited into an account with a 9.5% interest rate, compounded annually, what is the balance after 17 years? f = $? f = p(1 + \\frac{r}{n})^{nt} round to the nearest cent.

if $600 are deposited into an account with a 9.5% interest rate, compounded annually, what is the balance after 17 years? f = $? f = p(1 + \\frac{r}{n})^{nt} round to the nearest cent.

Answer

Explanation:

Step1: Identify the values

$P = 600$, $r=0.095$, $n = 1$, $t = 17$

Step2: Substitute into the formula

$F=P(1 +\frac{r}{n})^{nt}=600\times(1+\frac{0.095}{1})^{1\times17}$

Step3: Calculate the value inside the parentheses

$1+\frac{0.095}{1}=1 + 0.095=1.095$

Step4: Calculate the exponent

$(1.095)^{17}\approx4.71777$

Step5: Calculate the final amount

$F = 600\times4.71777=2830.662$

Answer:

$$2830.66$