1 month ago

5. You deposit $300 in an account Urat pays 1.48% annual interest. What is the balance after 1 year if the

Mathematics

1 answer:

Svet_ta [12.7K]1 month ago

8 0

Answer:

The correct answer is (A) $304.47.

Step-by-step explanation:

The formula for calculating the future value (FV) of an amount (A), compounded daily at an interest rate of r%, over a period of n years is:

$FV=A\times [1+\frac{r\%}{365}]^{n\times 365}$

The provided information is:

A = $300

r% = 1.48%

n = 1 year

Calculate the future value as shown:

$FV=A\times [1+\frac{r\%}{365}]^{n\times 365}$

$=300\times [1+\frac{0.0148}{365}]^{365}\\\\=300\times (1.00004055)^{365}\\\\=300\times 1.014911\\\\=304.4733\\\\\approx \$304.47$

Thus, the balance at the end of 1 year totals $304.47.

The correct choice is (A).

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