Ila invested $42,000 into an account earning 4% compounded annually. She makes no other deposits and does not withdraw any money. What is the balance of Ila's account in 5 years?

$42,846.75

$51,099.42

$54,738.88

$92,027.17

Question

Cierra Noble

28 January, 18:27

+5

Answers (1)

Know the Answer?

Rhys Conley · Answer 1

The formula is

A=p (1+r) ^t

A future value?

P present value 42000

R interest rate 0.04

T time 5years

A=42,000 * (1+0.04) ^ (5)

A=51,099.42

Ila invested $42,000 into an account earning 4% compounded annually. She makes no other deposits and does not withdraw any money. What is the balance of Ila's account in 5 years?$42,846.75$51,099.42$54,738.88$92,027.17