Question

Dina invests $600 for 5 years at a rate of 2% per year compound interest.

Answer 1

Answer:

The investment after 5 years is $ 662.45.

Step-by-step explanation:

Principal, P = $ 600

Time, t = 5 years

Rate of interest, R = 2 %

Time , t = 5 years

The amount after the time 5 years is

$A = P \times \left ( 1+\frac{R}{100} \right )^t\\\\A = 600\left ( 1+0.02 \right )^5\\\\A = 662.45$

So, the investment after 5 years is $ 662.45.