Lily invested $1600 in an account that pays 4.75% interest compounded annually. Assuming no deposits or withdrawals are made, find how much money Lily would
have in the account 10 years after her initial investment. Round to the nearest tenth
(if necessary).

$ 2,544.84

Step-by-step explanation:

A = $ 2,544.84

A = P + I where

P (principal) = $ 1,600.00

I (interest) = $ 944.84

Compound Interest Equation

A = P(1 + r/n)^nt

Where:

A = Accrued Amount (principal + interest)

P = Principal Amount

I = Interest Amount

R = Annual Nominal Interest Rate in percent

r = Annual Nominal Interest Rate as a decimal

r = R/100

t = Time Involved in years, 0.5 years is calculated as 6 months, etc.

n = number of compounding periods per unit t; at the END of each period

0.02

step-by-step explanation:

time of 9 192 631 770 periods of the radiation corresponding to the transition between the 2 hyperfine levels of the ground state of the caesium 133 atom at 0 k (but other seconds are sometimes used in astronomy)