Question

a principal of $700 is invested in an account at 6% per year compounded annually what is the total amount of money in the account after 5 years

Answer 1

Answer:

$936.76

Step-by-step explanation:

Answer 2

Answer:

Total amount of money in the account be $936.6 .

Step-by-step explanation:

Formula

$Amount = P(1 + \frac{r}{100})^{t}$

Where P is the principle , r is the interest and t is the time .

As given

A principal of $700 is invested in an account at 6% per year compounded annually for 5 years .

Putting all the values in the formula

$Amount = 700(1 + \frac{6}{100})^{5}$

$Amount = 700(1 + 0.06)^{5}$

$Amount = 700(1.06)^{5}$

$Amount = 700\times 1.338\ (Approx)$

Amount = $ 936.6

Therefore the total amount of money in the account be $936.6 .