Final answer:
The question is missing crucial information such as the present value and number of years for calculating the future value of Matt's account at a 5% APR. Without this information, a proper calculation cannot be conducted.
Step-by-step explanation:
To determine the future value of an account with regular payments and an annual interest rate, we can use the future value formula for an annuity if the payments are made at regular intervals and the interest is compounded at those intervals. However, the question does not provide information on the frequency or amount of payments made by Matt, which are necessary to calculate the exact value of the account after a certain number of years. Assuming the question implies a single investment with no additional payments, we would use the future value of a single lump sum formula.
Using the formula:
- Future Value = Present Value * (1 + r)^n
Where:
- r = annual interest rate
- n = number of years
As the question does not provide the present value (initial amount) or the number of years, a calculation cannot be made. We need further details to provide an accurate answer.