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Esther deposited $5,000 into an account that grows at a rate of 8% per year. To the nearest cent, how much will be in the
account after 5 years?

Respuesta :

Answer:

The total amount after five years =  $7,000

Step-by-step explanation:

Step(i):-

Given Esther deposited $5,000 into an account

Principal amount 'P' = 5000

Given rate of interest (R) = 8%

r = R / 100 = 0.08 per year

Step(ii):-

The total amount after 5 years

            [tex]A = P( 1 + r t )[/tex]

          [tex]A = 5000(1+ (0.08 X 5) = 7000[/tex]

Final answer:-

The total amount after five years =  $7,000

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