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miv72 [106K]
3 years ago
5

Samantha puts an initial $500 into a savings account. The account has a 4% annual compound interest rate. What is the function t

hat best represents Samantha's account and how much does she have in savings after 5 years?
Mathematics
1 answer:
wolverine [178]3 years ago
3 0

Answer:

<h2>$608.32</h2>

Step-by-step explanation:

Step one:

given data

principal P= $500

rate r= 4%= 0.04

time t= 5years

Step two:

The function that best represents Samantha's account

A=P(1+r)^t

substituting and solving for A, which is the final amount

A=500(1+0.04)^5

A=500(1.04)^5

A=500*1.2166

A=608.32

<u>Thus, she has in savings after 5 years $608.32</u>

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