unit 1 - online quiz\nscore: 64/100 answered: 11/15\nquestion 12\ncompound interest application\ncompound…

unit 1 - online quiz\nscore: 64/100 answered: 11/15\nquestion 12\ncompound 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.\ndion invested $7800 in a savings account that pays 6% interest compounded annually and plans to leave it there for 13 years. determine what dions ending balance will be after 13 years.\nafter 13 years, dion will have a balance of $ \nround your answer to the nearest cent.\nquestion help: worked example 1\nsubmit question

unit 1 - online quiz\nscore: 64/100 answered: 11/15\nquestion 12\ncompound 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.\ndion invested $7800 in a savings account that pays 6% interest compounded annually and plans to leave it there for 13 years. determine what dions ending balance will be after 13 years.\nafter 13 years, dion will have a balance of $ \nround your answer to the nearest cent.\nquestion help: worked example 1\nsubmit question

Answer

Explanation:

Step1: Identify values

$P = 7800$, $r=0.06$, $t = 13$

Step2: Substitute into formula

$A=7800\times(1 + 0.06)^{13}$

Step3: Calculate $(1 + 0.06)^{13}$

$(1 + 0.06)^{13}\approx2.132928$

Step4: Calculate $A$

$A = 7800\times2.132928\approx16636.84$

Answer:

$16636.84$