Question

9/3

Streak
8 20th
3970
If you save $800 in the bank with an interest rate of 4%, how much money will you
have at the end of 5 years?

Answer 1

$960

Explanation:

Given data

Principal=$800

rate= 4%

time= 5years

Applying the compound interest expression we have]

A=P(1+rt)

substitute

A=800(1+0.04*5)

A=800(1+0.2)

A=800*1.2

A=$960