Answer:
A = $73,257.47
A = P + I where
P (principal) = $37,000.00
I (interest) = $36,257.47
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 5/100
r = 0.05 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 37,000.00(1 + 0.05/1)(1)(14)
A = 37,000.00(1 + 0.05)(14)
A = $73,257.47
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $37,000.00 at a rate of 5% per year compounded 1 times per year over 14 years is $73,257.47.
I hope this helps! :)
