Question

Please help!

Is it 4425.69 or 4425.70?

Jamal deposited $4,253 in a savings account earning 1% interest, compounded annually.

To the nearest cent, how much will he have in 4 years?

Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

Answer 1

Answer:

Using the provided formula, the amount of money Jamal have after 4 years:

A = 4253 x (1 + 1/100)^4 = 4425.69$

Hope this helps!

:)