Desmond opened a savings account and deposited 7,645.00 as principal. The account earns 5.76% interest, compounded annually. What is the balance after 5 years?

Solution

Desmond opened a savings account and deposited 7, 645.00 as principal. The account earns 5.76% interest, compounded annually. What is the balance after 5 years?

Solution

Amount : 10115.44

Solution steps

Translate the problem into an equation:

A = 7645 (1 + \frac{0.0576}{1})^{1 \cdot 5}

7645 (1 + \frac{0.0576}{1})^{1 \cdot 5} = 10115.43818 \dots

Round to the nearest hundredth:

10115.44

Amount : 10115.44

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