Arlo invested $4000 in an account that earns 5.5% interest, compounded annually. the formula for compound interest is a(t)= p(1+i)^t

how much did arlo have in the account after 4 years

Amount = $ 4955.29

Step-by-step explanation:

Given in question as

Mr. Arlo have Principal of $ 4000

He keep this amount in his bank account  for 4 years having interest rate of 5.5 % at compounded annually .

As This is on Compound method so,

from compound interest method

Amount (A) = Principal (P) ()^T

So, A = 4000()^4

Or,  A = 4000(1.2388)

Or, A = 4000×1.2388

∴ Amount = 4955.29

Hence ,

The amount which Mr. Arlo have in his account after 4 years = $4955.25      Answer

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