2 years ago

Please Help!!

1 answer:

7 0

Annual rate: 500*0.07 = 35
Year 1: 35
Year 2: 35
Year 3: 35
Year 4: 35
Year 5: 35+500=535
Total=675

Compounded annually
Year 1: 500*1.05=525
Year 2: 525*1.05=551.25
Year 3: 551.25*1.05=578.8125=578.81
Year 4: 578.8125*1.05=607.753125=607.75
Year 5: 607.753125*1.05=638.14

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