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Find the balance of an account after 7 years if $1,500 is placed into an an
account paying 1.2% interest compounded monthly. (Round to the nearest
cent)
OA) $1,630.63
O
B) $1,631.37
OC) $4,085.59
OD) $1,500

Respuesta :

YEEHAWbrother377

Answer:

The answer should be about $1,626 using the A = P( 1 + rt ) formula but the closest answer given is A. I'd choose A.

Step-by-step explanation:

A = P(1 + rt)

A = 1500(1 + (0.012 × 7)) = 1626

A = $1,626.00

The total amount accrued, principal plus interest, from simple interest on a principal of $1,500.00 at a rate of 1.2% per year for 7 years is $1,626.00.

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