Question

If $10,500 is deposited in a compound interest account paying 2.99% interest annually, how much will be in the account after 5 years

Answer 1

`\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$10500\\ r=rate\to 2.99\%\to (2.99)/(100)\dotfill &0.0299\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &5 \end{cases} \\\\\\ A=10500\left(1+(0.0299)/(1)\right)^(1\cdot 5)\implies A=10500(1.0299)^5\implies A\approx 12166.47`