An account pays 6% compound interest. In year 1, the amount in the account is $70. How much is in the account in year 5?
1 answer:
Answer:
$91 is the answer.
Step-by-step explanation:
R = 6%
P = $70
T = 5 year
now
I = PTR/100
=(70×5×6)100
= 2100/100
= $21
So,
I = A-P
21 = A-70
21+70 = A
so, A = $91
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