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Ryan deposited $6,700 into an account at the Town Bank, earning 3.4% interest compounded annually. He made no deposits or withdrawals. Write and solve the equation to find the amount of money in his account after 4 years. Round to the nearest cent.

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JeanaShupp

Answer: The amount of money in his account after 4 years = $7,658.73

Step-by-step explanation:

If interest is compounded annually, then formula to compute amount :

[tex]A=P(1+r)^n[/tex], where P+ principal value, r= rate of interest, n= time ( in years).

As per given,

P= $6700 ,  r = 3.4% =0.034, n =4

[tex]A=6700(1+0.034)^4\\\\=6700(1.034)^4\\\\=6700(1.14309455234)\approx7658.73[/tex]

Hence, the amount of money in his account after 4 years = $7,658.73

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