If leslie moves her money into an account that pays 8 percent compounded annually for 5 year (s), the amount of money that will accumulate is

Question

Mathematics

Tamara Thompson

12 October, 01:17

If leslie moves her money into an account that pays 8 percent compounded annually for 5 year (s), the amount of money that will accumulate is

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Answers (2)

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Miguel Rhodes · Answer 1

The value of an account at 8% compounded annually,

after 5 years have passed since your initial deposit, is

(the amount you originally put in) x (1.08) ⁵.

You didn't tell us how much Leslie invests at the beginning of the 5 years.

Whatever the amount is, it will become 46.9% greater in 5 years!

Eifel · Answer 2

Leslie will accumulate an extra 1.851%