For Accounts Where Interest Is Compounded Annually, the Amount a Accumulated

question 19

Short Answer

For accounts where interest is compounded annually, the amount A accumulated or due depends on the principal p, interest rate r, and the time t in years according to the formula A = p(1 + r)^t. Find t when A = $994.93, p = $850, and r = 6.5%. Round your answer to the nearest tenth.

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Definitions:

15th Amendment

An addition to the U.S. Constitution, ratified in 1870, that prohibits the federal and state governments from denying a citizen the right to vote based on that citizen's "race, color, or previous condition of servitude."

Race

A concept used to categorize humans into large and distinct populations or groups by anatomical, cultural, ethnic, genetic, geographical, historical, linguistic, religious, or social affiliation.

Republican Party

A political party in the United States known for its conservative policies, emphasizing a pro-business agenda, national defense, and limited government intervention.

Post-Civil War

Refers to the period following the end of the American Civil War in 1865, marked by the Reconstruction era, efforts to rebuild and integrate the southern states, and significant social changes.