Let's say Jose deposited $2,700 into a CD account with an Annual Percentage Rate
1 answer:
Answer:
$3283.2
Step-by-step explanation:
Given data
Principal= $2700
Rate= 4%
Time= 5 years
Required
the final Amount A
The compound interest formula is
A=P(1+r)^t
Substitute
A=2700(1+0.04)^5
A=2700(1.04)^5
A=2700*1.216
A=$3283.2
Hence the balance in the account after 5 years is $3283.2
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