If Josh invests $500 in a 5-year fixed interest savings bond that pays 5% per annum, how much will his entire investment be wort

Question

3 years ago

13

h at the end of the term?

1 answer:

gizmo_the_mogwai [7] · Answer 1 · 2022-10-12T22:38:49+03:00

6 0

Answer:

$638.14

Step-by-step explanation:

Our equation is $p*(1+x)^{t}$ , with p being the starting amount, x being the interest rate, and t being the time. Plugging our variables in, we get

$500*(1+0.05)^{5}$ = around 638.14