question 11 (4.5 points) retake question\nyou plan to deposit $37,150 into a savings account that has a…

question 11 (4.5 points) retake question\nyou plan to deposit $37,150 into a savings account that has a 6.82% interest rate compounded annually. what will be the balance of your savings account after 9 years?\nuse this formula:\n$a = p(1+\frac{r}{n})^{nt}$\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

question 11 (4.5 points) retake question\nyou plan to deposit $37,150 into a savings account that has a 6.82% interest rate compounded annually. what will be the balance of your savings account after 9 years?\nuse this formula:\n$a = p(1+\frac{r}{n})^{nt}$\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

Answer

Explanation:

Step1: Identify values

$P = 37150$, $r=0.0682$, $n = 1$ (compounded annually), $t = 9$

Step2: Substitute values into formula

$A=37150\times(1+\frac{0.0682}{1})^{1\times9}$ $A = 37150\times(1 + 0.0682)^{9}$ $A=37150\times(1.0682)^{9}$

Step3: Calculate $(1.0682)^{9}$

$(1.0682)^{9}\approx1.807779$

Step4: Calculate $A$

$A = 37150\times1.807779\approx67158.99$

Answer:

$67158.99$