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5 September, 18:24

If you deposit $265 in a bank account that offer 5% annual compounding interest at the end of five years what will your turtle total earnings in interest be up at t if you deposit $265 in a bank account that offer 5% annual compounding interest at the end of five years what will your total earnings in interest be

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  1. 5 September, 19:59
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    Total Interest = $73.21

    Step-by-step explanation:

    The compound interest formula is

    A = P * (1 + (r/k)) ^ (kt)

    where k = the number of times compounded

    t = years

    r = 5%

    P = $265

    A = $265 * (1 + (0.05/1)) ^ (1*t)

    A = 265 * (1.05) ^t

    let t = 5

    A = 265 * 1.05^5 = $338.2146

    We want the interest earned.

    338.2146 - 265 = $73.2146
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