answer:
so basically:
To calculate the balance after 5 years with a 14% interest rate compounded annually, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final balance
P = the principal amount (initial deposit)
r = the annual interest rate (as a decimal)
n = the number of times interest is compounded per year
t = the number of years
In this case, Wesley deposited $300 as the principal, the interest rate is 14% (or 0.14 as a decimal), and the interest is compounded annually. We want to find the balance after 5 years.
Substituting the given values into the formula, we get:
A = 300(1 + 0.14/1)^(1*5)
Simplifying the exponent:
A = 300(1 + 0.14)^5
Evaluating the exponent:
A = 300(1.14)^5
Calculating (1.14)^5:
A ≈ 300(1.925)
A ≈ $577.50
Therefore, the balance in Wesley's savings account after 5 years would be approximately $577.50.
bye bye!! - aydn