Solution
Given the savings account, and solve for the interest:
Principal = $6,367
Interest rate = 14%
time = 4years
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]First, convert R as a percent to r as a decimal
r = R/100
r = 14/100
r = 0.14 rate per year,
Then solve the equation for A
[tex]A=P(1+\frac{r}{n})^{nt}[/tex][tex]\begin{gathered} A=6367(1+\frac{0.14}{1})^{(1)(4)} \\ A=6367(1+0.14)^4 \\ A=10753.61 \end{gathered}[/tex]A = $10,753.61
Therefore the correct answer is $10,753.61 (nearest cent)
