Question

Help with this math question please

Answer 1

Principal Amount = P = $ 4100
Interest rate = r = 7.25% = 0.0725
Time in years = t = 8 years
Amount accumulated = A

Formula for compound interest is:


`A=P e^(rt)`

Using the given values, we get:


`A=4100 e^(0.0725*8)=7322.76`

Rounding of to nearest hundredth, the balance in the account after 8 years will be $7322.76