Intermediate Algebra (6th Edition)

Published by Pearson
ISBN 10: 0321785045
ISBN 13: 978-0-32178-504-6

Chapter 2 - Test - Page 114: 27

Answer

$\$3542.27$

Work Step by Step

Using $A=P\left(1+\dfrac{r}{n}\right)^{nt}$ or the compound interest formula, then \begin{array}{l}\require{cancel} A=P\left(1+\dfrac{r}{n}\right)^{nt} \\ A=2500\left(1+\dfrac{0.035}{4}\right)^{4(10)} \\ A=2500\left(1.00875\right)^{40} \\ A=3542.2720948278355154027958536479 .\end{array} Hence, the amount of money in the account, rounded to the nearest cent is $ \$3542.27 .$
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