Question

3.) You deposited $5,000 in an account that pays 4% annual interest. Find the

Answer 1

The balance after one year is $5200

Step-by-step explanation:

The formula to apply here is

$A=P(1+\frac{r}{n} )^{nt}$

where

A=Amount of money  at the end of the period=?

P=the amount of money invested= $5000

r=rate of interest=4%=0.04

n=number of compounding per year=1

t=time in years=1

Applying  the formula

$A=P(1+\frac{r}{n} )^{nt} \\\\\\A=5000(1+\frac{0.04}{1} )^{1} \\\\\\A=5000(1.04)\\\\A=5200$

A=$5200

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Compound Interest: brainly.com/question/12148233

Keywords : interest, compounded annually

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