Question

Arlo invested $4000 in an account that earns 5.5% interest, compounded annually. The formula for compound interest is A(t)= p(1+I)^t

How much did Arlo have in the account after 4 years

Answer 1

Answer:

Amount = $ 4955.29

Step-by-step explanation:

Given in question as

Mr. Arlo have Principal of $ 4000

He keep this amount in his bank account  for 4 years having interest rate of 5.5 % at compounded annually .

As This is on Compound method so,

from compound interest method

Amount (A) = Principal (P) ($1+ \frac{Rate}{100}$)^T

So, A = 4000($1+\frac{5.5}{100}$)^4

Or,  A = 4000(1.2388)

Or, A = 4000×1.2388

∴ Amount = 4955.29

Hence ,

The amount which Mr. Arlo have in his account after 4 years = $4955.25      Answer

Answer 2

Answer:

$4955.30

Step-by-step explanation:

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