You deposit $75 in a savings account that earns 5% annual interest compounded yearly. Find the balance in the account after the given amounts of time. 1 year 2 years 5 years 20 years
1 answer:
Hi there The formula is A=p (1+r)^t A future value P present value 75 R interest rate 0.05 T time After 1 year the balance is A=75×(1+0.05) A=78.75 After 2 years A=75×(1+0.05)^(2) A=82.69 After 5 years A=75×(1+0.05)^(5) A=95.72 After 20 years A=75×(1+0.05)^(20) A=198.99 round A=199 Hope it helps
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