After ten years, how much money will you have accumulated from 5,000 invested in a savings account with a 5% annual interest rate that is compounded annually?

Solución

After ten years, how much money will you have accumulated from 5, 000 invested in a savings account with a 5% annual interest rate that is compounded annually?

Solución

Amount : 8144.47

Pasos de solución

Translate the problem into an equation:

A = 5000 (1 + \frac{0.05}{1})^{1 \cdot 10}

5000 (1 + \frac{0.05}{1})^{1 \cdot 10} = 8144.47313 \dots

Round to the nearest hundredth:

8144.47

Amount : 8144.47

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