Josiah puts 1,608.00 into an account to use for school expenses. The account earns 13% interest, compounded annually. How much will be in the account after 5 years?

Solution

Josiah puts 1, 608.00 into an account to use for school expenses. The account earns 13% interest, compounded annually. How much will be in the account after 5 years?

Solution

Amount : 2962.64

Solution steps

Translate the problem into an equation:

A = 1608 (1 + \frac{0.13}{1})^{1 \cdot 5}

1608 (1 + \frac{0.13}{1})^{1 \cdot 5} = 2962.63576 \dots

Round to the nearest hundredth:

2962.64

Amount : 2962.64

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