376,400 views
24 votes
24 votes
$5,000 invested at an APR of 4.7% for 17 years. what is the balance in the account after 17 years?

User Hadrien Lejard
by
2.7k points

1 Answer

25 votes
25 votes

Given data:

The given principal is P=$5,000.

The given rate is r=4.7%.

The given time is t=17 years.

The expression for the final amount after 17 years,


A=P+(P* r* t)/(100)

Substitute the given values in the above expression.


\begin{gathered} A=(5000)+(5000*4.7*17)/(100) \\ =5000+3,995 \\ =8,995 \end{gathered}

Thus, the final balance after 17 years is $8,995.

User Tasawer Nawaz
by
3.0k points