Question

2. Imagine you have invested $800 into a savings account that earns 3.5% interest

Answer 1

The amount after 5 years is $ 950.15

Step-by-step explanation:

Given,

Principle (P) = $ 800

Time (T) = 5 years

Rate of interest (R) = 3.5%

To find the amount after 5 years.

Formula

The amount after T years compounded annually is A = P$(1+\frac{R}{100} )^{T}$

Now,

Putting the values of P, T, R we get,

A = $ 800$(1+\frac{3.5}{100} )^{5}$

= $ 950.15 (approx)

Answer 2

Answer:

The balance of your account after 5 years without more deposits or withdrawals will be $950.15.

Step-by-step explanation: