What is the solution to the equation?
1 answer:
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Answer:
Step-by-step explanation:
I'm goig to assume that the formula we need here is the following:
where A(t) is the amount in the account after the compounding is done, n is the number of times per year the compounding occurs, r is the rate in decimal form, and t is the time in years. Filling in accordingly,
and simplifying a bit,
and simplifying a bit more,
A(t) = 90000(1.343916379) so
the amount in the account after 5 years is
A(t) = 120,952.47