Anna put $500 into a savings account and made no more deposits or withdrawals. The account earns 2% simple interest per year. Ho

Question

3 years ago

11

w much money will be in the account after 5 years?

1 answer:

castortr0y [4] · Answer 1 · 2021-12-20T00:28:35+03:00

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