you deposited $575 that you received for graduation into savings account that compounds annually. at the end of the first year you had $615 in the bank if you don't touch the money how much will you have when you graduate for college?( 4 years later)

Answer:[tex]\$806.14[/tex]  Step-by-step explanation:we know that    The compound interest formula is equal to  [tex]A=P(1+\frac{r}{n})^{nt}[/tex]  where  A is the Final Investment Value  P is the Principal amount of money to be invested  r is the rate of interest  in decimal t is Number of Time Periods  n is the number of times interest is compounded per year Part 1)Find the interest rate r we have  [tex]t=1\ years\\ P=\$575\\ r=?\\n=1\\A=\$615[/tex]  substitute in the formula above  and solve for r[tex]\$615=\$575(1+\frac{r}{1})^{1*1}[/tex]  [tex]\$615=\$575(1+r)[/tex]  [tex]r=(615/575)-1\\ \\ r=0.07[/tex]The interest rate is 7%Part 2) we have  [tex]t=4\ years\\ P=\$615\\ r=0.07\\n=1\\A=?[/tex]  substitute in the formula[tex]A=\$615(1+\frac{0.07}{1})^{1*4}[/tex]  [tex]A=\$615(1.07)^{4}=\$806.14[/tex]