Porter opened a savings account and deposited 800.00 as principal. The account earns 8% interest, compounded annually. What is the balance after 5 years?

Solution

Solution

Amount : 1175.46

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.08}{1})^{1 \cdot 5}

800 (1 + \frac{0.08}{1})^{1 \cdot 5} = 1175.46246 \dots

Round to the nearest hundredth:

1175.46

Amount : 1175.46

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