Question

$5,000 invested at an APR of 4.7% for 17 years. what is the balance in the account after 17 years?

Answer 1

Given data:

The given principal is P=$5,000.

The given rate is r=4.7%.

The given time is t=17 years.

The expression for the final amount after 17 years,

`A=P+(P* r* t)/(100)`

Substitute the given values in the above expression.

`\begin{gathered} A=(5000)+(5000*4.7*17)/(100) \\ =5000+3,995 \\ =8,995 \end{gathered}`

Thus, the final balance after 17 years is $8,995.