Use the compound interest table to solve the following problem.
-How much will you have in a savings account if you deposit $\$ 2400$ for 4 years at $5.5 \%$ compounded annually?
A) $\$ 2973.12$
B) $\$ 2818.08$
C) $\$ 3136.80$
D) $\$ 2928$

Question

Quizplus · Accepted Answer

Using the compound interest formula $A = P(1 + r/n)^{nt}$, where $P = 2400$, $r = 0.055$, $n = 1$, and $t = 4$, the amount is calculated as $A = 2400(1 + 0.055)^4 = 2400 \times 1.2388 = 2973.12$.

Use the Compound Interest Table to Solve the Following Problem $2400\$ 2400$2400

Use the Compound Interest Table to Solve the Following Problem $\$ 2400$