Answer:
First, convert R as a percent to r as a decimal
r = R/100
r = 4.5/100
r = 0.045 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 2,500.00(1 + 0.045/12)(12)(8)
A = 2,500.00(1 + 0.00375)(96)
A = $3,580.91
Step-by-step explanation:
The total amount accrued, principal plus interest, with compound interest on a principal of $2,500.00 at a rate of 4.5% per year compounded 12 times per year over 8 years is $3,580.91.
