Question

Please Help!!!

Leo deposited $8,358 in an account that earned 2.5% interest compounded annually for 14 years. After 14 years, what was Leo’s account balance. Express your answer rounded correctly to the nearest cent

Answer 1

Explanation:

P = $ 8,358

r =2.5% = 0.025

t = 14 years

`Amount=P*(1+(r)/(100))^(t)\\\\=8358*(1+0.025)^(14)\\\\=8358*(1.025)^(14)\\\\`

= 8358 * 1.41

= $ 11784.78