PLEASE HELP ME!! For the following exercise, use the compound interest formula, A(t) = P(1 +r/n)^t.
where money is measured in dollars.
After a certain number of years, the value of an investment account is represented by the expression 10,400(1 +0.02/2)^20
had the account been accumulating interest?

How many years

A = $10,441.68

A = P + I where

P (principal) = $10,400.00

I (interest) = $41.68

Step-by-step explanation:

First, convert R as a percent to r as a decimal

r = R/100

r = 0.02/100

r = 0.0002 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 10,400.00(1 + 0.0002/2)(2)(20)

A = 10,400.00(1 + 0.0001)(40)

A = $10,441.68

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $10,400.00 at a rate of 0.02% per year compounded 2 times per year over 20 years is $10,441.68.

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