Solve the given problem related to compound interest. Find the balance if $4500 is invested at an annual interest rate of 6.5%, compounded annually, after the following number of years. (Round your answers to the nearest cent.) (a) 5 years $ (b) 12 years
+980 Amount = Principle*(1 + rate)^Times compunded
A=P(1+r)^n
For 5 years:
A = 4500*(1+0.065)^5
A = $6165.39
For 12 years:
A = 4500*(1+0.065)^12
A = $9580.93
+980 Amount = Principle*(1 + rate)^Times compunded
A=P(1+r)^n
For 5 years:
A = 4500*(1+0.065)^5
A = $6165.39
For 12 years:
A = 4500*(1+0.065)^12
A = $9580.93
