Answer:
$25,525.63
Explanation:
A=P(1+r/n)^nt
A = final amount
P= initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
A = (20,000)(1+0.05/1)^5
Answer: $25,525.63
A = P(1 + r/n)^(n*t)
A = 20,000(1 + 0.05/1)^(1*5)
A = 20,000(1 + 0.05)^5
A = 20,000(1.27628)
A = $25,525.63
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