Mark opened a savings account at his bank with a guaranteed annual interest rate of 5.0% for 5 years. If he deposits $10,000.00 to the account and the interest is compounded annually, the interest on the account is modeled by the function A = 10,000 (1 +.05) t.

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Maximo Raymond

20 March, 06:20

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Elle · Answer 1

Total = Principal * (1 + rate) ^ years

Total = 10,000.00 * (1.05) ^5

Total = 10,000.00 * 1.2762815625

Total = 12,762.82