Question

You deposit $1600 in a bank account that pays 5% annually how much is in the bank account after 25 years round to the nearest hundredth

Answer 1

5418.17

Explanation:

1) 1600(1+.05)^25

2) 1600(1.05)^25

3) 1600(3.3863549408993848167083336666837)

4) 5,418.167905439015706733333866694