Respuesta :
Answer:
A=6143.54( to the nearest dollar A=6144)
Step-by-step explanation:
A=Pe^(r(t))
P=3100 r=0.036 t=19
A=3100e^0.036(19)
A=3100e^(0.684)
There will be $6070 money in the account of Juan after 19 years.
What is Compound Interest?
It is the interest on a loan or deposit calculated based on both the initial principal and accumulated interest from previous periods. It is calculated as:
[tex]Amount=P(1+\frac{r}{n} )^{nt}[/tex]
where,
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of periods elapsed
We have
principal, P= $3100
Rate, r = 3.6%=[tex]\frac{3.6}{100}[/tex]
time, t = 19years
number of times interest compounded per year, n=1
Formula Used:
[tex]Amount=P(1+\frac{r}{n} )^{nt}[/tex]
Substitute the values in the above formula
[tex]Amount=3100(1+\frac{3.6}{100} )^{19}[/tex]
[tex]Amount=[/tex]$6070
Hence, there will be $6070 in account after 19 years.
Learn more about compound interest here:
https://brainly.com/question/19318210
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