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

User Mackan
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1 Answer

18 votes
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

User Lachezar Todorov
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