Assume you invest $5,000 in an account paying 8% interest compounded annually. How much money will be in the account after 5 years?

Mackan asked Jul 25, 2022

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Mackan asked Jul 25, 2022

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18 votes

Answer:

$7346.64

Explanation:

Amount after 5years=P(1+r/100)^t

let A = amount after 5years

A=$5000(1+8/100)^5

A=$7346.64 to 2 decimal places

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