Question

Ila invested $42,000 into an account earning 4% compounded annually. She makes no other deposits and does not withdraw any money. What is the balance of Ila's account in 5 years?
$42,846.75

$51,099.42

$54,738.88

$92,027.17

Answer 1

The formula is
A=p (1+r)^t
A future value?
P present value 42000
R interest rate 0.04
T time 5years

A=42,000×(1+0.04)^(5)
A=51,099.42