How do I solve this
2 answers:
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Answer:
Amount ($451.9), Interest ($51.9)
Step-by-step explanation:
We need to use the formula of A = P(1 + )^n*t
A = Total Amount
P = Principle/Deposited money
R = Annual Interest Rate
N = Number of times compounder per year
T = time in years
We have P = $400, r = 2.47%, n = 1 and t = 5 years.
Now lets plug it all in!
A = 451.9
Now we need to find the interest...
We will use A = P + I since A is 451.9 and P = 400
451.9 = 400 + I
I = 451.9 - 400
I = 51.9