unit 1 online homework score: 69/100 answered: 21/29 question 19 compound interest application compound…

unit 1 online homework score: 69/100 answered: 21/29 question 19 compound interest application compound 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. david invested $3100 in a savings account that pays 8% interest compounded annually and plans to leave it there for 35 years. determine what davids ending balance will be after 35 years. after 35 years, david will have a balance of $ in his savings account. round your answer to the nearest cent. question help: worked example 1

unit 1 online homework score: 69/100 answered: 21/29 question 19 compound interest application compound 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. david invested $3100 in a savings account that pays 8% interest compounded annually and plans to leave it there for 35 years. determine what davids ending balance will be after 35 years. after 35 years, david will have a balance of $ in his savings account. round your answer to the nearest cent. question help: worked example 1

Answer

Explanation:

Step1: Identify the values for the formula

$P = 3100$, $r=0.08$ (since 8% = 0.08), $t = 35$

Step2: Substitute values into the compound - interest formula

$A=P(1 + r)^t=3100\times(1 + 0.08)^{35}$

Step3: Calculate $(1 + 0.08)^{35}$

$(1 + 0.08)^{35}\approx14.785344$

Step4: Calculate the final amount $A$

$A = 3100\times14.785344\approx45834.57$

Answer:

$45834.57$