Question

Use the compound interest formula to compute the balance in the following account after the stated period of time, assuming interest is compounded annually. $5000 invested at an APR of 4.5% for 11 years. What is the balance in account after 11 years?

Answer 1

Answer:

The amount $ 8114.3 is the balance in the account after eleven years

Step-by-step explanation:

From;

A= P(1+r)^n

Where;

A= amount

P= principal

r= interest rate

n= time

A= 5000(1+ 0.045)^11

A= 5000(1.045)^11

A= $ 8114.3

The amount $ 8114.3 is the balance in the account after eleven years.