Question #681d4

1 Answer
Aryan V
Sep 24, 2017

Well use a fomula that is used to calculate compound interest:

A = D(1 + r/n)^(nt)A=D(1+rn)nt

A is the amount.
D is the deposit.
r is interest rate in decimal form.
n is the number of times that interest is compounded per year.
t is the number of years

Let's substitute now:

A = 4500(1+(0.1)/2)^(2*10)A=4500(1+0.12)2⋅10

This gives us an answer of

~~ $11,939.80≈$11,939.80

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