Question

Kesha deposits $1000 into a savings account earning 6% interest each year. She makes no further deposits to the account. What is the balance after 5 years?

Answer 1

Answer:

$1000*1.06^{5} = 1 338.2255776$ $

~ 1 338 $

Step-by-step explanation:

The 6% interest earning: 1 + 6 / 100 => 1.06

Since she doesn't make any transactions on the account, at the end of 5 years she'll have: $1000*1.06^{5} = 1 338.2255776$