Sara invests $4000 at 7.2% annual interest compounded monthly. Find the final amount of Sara's investment after 15 years. *

$8,711.99

Step-by-step explanation:

The formula for calculating the compound interest in expressed as;

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

Principal P = $4000

r is the rate = 7.2% = 0.072

t is the time = 15years

n = 1/12

Substitute

A = 4000(1+0.072(1/12))^15/12

A = 4000(1+0.072(12))^1.25

A = 4000(1+0.864)^1.25

A = 4000(1.864)^1.25

A = 4000(2.1779)

A = 8,711.99

Hence the final investment after 15years is $8,711.99

i dont get it. where are the "descriptions"?

hey there!

if she's saving for six months, let's divide the total number we need for the trip by six, dividing it into the amount that needs to be saved for each month.

500 ÷ 6 =

she needs to save at least this amount each month, so we should use this symbol: ≥

let x be the amount she saves each month.

your final answer is x ≥

hope this !