Question

$200 is deposited in a bank account. The

interest is compounded annually at a rate of
6%. How much money is in the account after
5 years, to the nearest dollar?

Answer 1

268

Explanation:

a = principal ( 1 + interest/rate ) ^ years

a = 200 ( 1 + 0.06/1 ) ^ 5

a = 267.645..

a = 268