Respuesta :
Answer:
The final balance is $7,913 and the total compound interest is $413.27
To calculate compound intrest, you need to multiply the initial principal amount ($7500) by one , plus the annual intrest rate (2.7%) raised to the number of compound periods minus one. The total initial amount of the loan is the subtracted from the resulting value.
Answer:
7980
Step-by-step explanation:
Use the formula for calculating compound interest A=P0ert where P0=7500, r=0.031, and t=2. Substitute the values into the formula and simplify.
A=7500e0.031⋅2
A=7500e0.062
A=7500(1.063...)
A=7979.72
To the nearest dollar, the balance of the account is A≈7980 after two years.
