Answered

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Suppose you invest $500 at 10% interest, compounded annually. After 5 years, how much money would you have in your account? Remember, the formula is A = P(1 + r)t.

Sagot :

samuelonum1

Answer:

$805.25

Step-by-step explanation:

Suppose you invest $500 at 10% interest, compounded annually. After 5 years, how much money would you have in your account? Remember, the formula is A = P(1 + r)t.

Given data

Principal= $500

Rate= 10%

Time= 5years

The compound interest expression is

A=P(1+r)^t

substitute

A=500(1+0.1)^5

A=500(1.1)^5

A=500*1.61051

A=$805.25

Hence the account is $805.25

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