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____
1 month ago
13

Jenna saves $2,500 per year in an account that earns 10% interest per year, compounded annually. Jenna will have(A $411,234) (B

$425,352) (C $449,739) saved in 30 years. Her account balance is a result of Jenna’s(A annuity payments)(B lump-sum payment) .
Mathematics
1 answer:
Leona [12.6K]1 month ago
3 0

Response:

The result is $43623.50

Detailed explanation:

This query involves compound interest.

The formula for calculating compound interest is

A=P(1+r)^t

A = final amount

P = initial principal balance

r = interest rate

n = number of times interest applied per time period

t = number of time periods elapsed

Provided information

P= $2,500

r= 10/100= 0.1

t= 30 years

Inserting values into the compound interest formula and calculating A gives us

A=2500(1+0.1)^30

A=2500(1.1)^30

A=2500*17.449

A=$43623.50

The total amount is $43623.50

The balance in her account comes from Jenna’s (A annuity payments)

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