Anna put $500 into a savings account and made no more deposits or withdrawals. The account earns 2% simple interest per year. Ho
w much money will be in the account after 5 years?
1 answer:
Answer:
$552.04
Step-by-step explanation:
Lauren, use the compound amount formula: A = P(1 + r)^n.
Here P is the principal and is $500; r is the annual interest rate as a decimal fraction, and n is the number of years.
After 5 years, Anna will have: $500(1 + 0.02)^5 = $552.04
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