Are those two figures similar? How do you know?
1 answer:
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Answer:
Amount she Receive in 5 years = $3506.37
Step-by-step explanation:
Given in question as
Ebonie invests amount in account = P = $2500
The interest rate she will have = 7%
The amount will keep in account for 5 years
Now we apply compound interest (CI ) to determine how much she will receive after 5 years ,
So , for CI
Amount = principal ( 1 + ^ T ,where T is Time
So, A = 2500 ( 1 +)^5
Or, A = 2500 (1.40255)
Or, A = $3506.37
Hence Amount she will receive $ 3506.37 Answer