Edmond puts $300.00 into an account to use for school expenses. The account earns 7%
interest, compounded monthly. How much will be in the account after 5 years?
nt
· P(1 + 5)^², where A is the balance (final amount), P is the principal
Use the formula A = P1+
(starting amount), r is the interest rate expressed as a decimal, n is the number of times per
year that the interest is compounded, and t is the time in years.
Round your answer to the nearest cent.