compound interest application\ncompound interest is given by the formula $a = p(1 + r)^t$. where $a$ is the…

compound interest application\ncompound interest is given by the formula $a = p(1 + r)^t$. where $a$ is the balance of the account after $t$ years, and $p$ is the starting principal invested at an annual percentage rate of $r$, expressed as a decimal.\nantonio invested $9000 in a savings account that pays 10% interest compounded annually and plans to leave it there for 33 years. determine what antonios ending balance will be after 33 years.\nafter 33 years, antonio will have a balance of $ \nround your answer to the nearest cent.\nquestion help: worked example 1

compound interest application\ncompound interest is given by the formula $a = p(1 + r)^t$. where $a$ is the balance of the account after $t$ years, and $p$ is the starting principal invested at an annual percentage rate of $r$, expressed as a decimal.\nantonio invested $9000 in a savings account that pays 10% interest compounded annually and plans to leave it there for 33 years. determine what antonios ending balance will be after 33 years.\nafter 33 years, antonio will have a balance of $ \nround your answer to the nearest cent.\nquestion help: worked example 1

Answer

Explanation:

Step1: Identify values

$P = 9000$, $r=0.1$, $t = 33$

Step2: Substitute into formula

$A=9000\times(1 + 0.1)^{33}$

Step3: Calculate exponent

$(1 + 0.1)^{33}=1.1^{33}\approx28.1024368485$

Step4: Calculate final amount

$A = 9000\times28.1024368485\approx252921.93$

Answer:

$252921.93$