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13 November, 06:17

Suppose $800 is invested into an account that pays 3.5% interest, compounded annually. What is the balance in the account after 5 years?

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  1. 13 November, 08:40
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    A = P (1 + r/n) ^ (nt)

    = 800 (1 + 0.035/1) ^ (1*5)

    = 800 (1.035) ^5

    = 950.15

    answer: $950.15 is the balance in the account after 5 years
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