Dreaibab8ybic
Answered

A saving 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?

A2,575.00
B2,813.77
C2,898.19
D2,985.13

Verified Answer :

meerkat18

The future worth (F) of the current investment (P) with interest i is calculated through the equation,
                       F = P x (1 + i)^n
Substituting the known values to the given equation,
                       F + (2500) x (1 + 0.03)^5 = 2898.19
Thus, the account would have approximately 2898.19.

Related Questions