Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

A savings account accrues interest at a rate of 3.0% yearly. If someone opens an account with $2,500, how much money would the account have after 5 years?

Sagot :

luana
[tex]3\%=\frac{3}{100}=0,03\\\\ First\ year:2500+2500*0,03=2500+75=2575\\\\Second\ year:\ 2575+2575*0,03=2575+77,25=2652,25\\\\Third\ year:\ \ 2652,25+2652,25*0,03=2652,25+79,5675=\\\\2731,8175\\\\ Fourth\ year: 2731,8175+2731,8175*0,03=2731,8175+81,954525\\\\=2813,772025\\\\Fifth\ year:\ 2813,772025+2813,772025*0,03=\\\\2813,772025+84,41316075=2898,18518575\$[/tex]
We appreciate your time. Please come back anytime for the latest information and answers to your questions. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.