if 5000 dollars is invested in a bank account at an interest rate of 10 per cent per year find t

Name: if 5000 dollars is invested in a bank account at an interest rate of 10 per cent per year find the amount in the bank after 5 years if interest is compounded annually
Uploaded: 2022-05-12T13:18:51-08:00
Duration: 2 min 19 s
Channel: Alison Rodriguez
Description: if 5000 dollars is invested in a bank account at an interest rate of 10 per cent per year find the amount in the bank after 5 years if interest is compounded annually

Question

Alison Rodriguez · Accepted Answer

1. First, we need to find the formula for compound interest. The formula is A = P(1 + r/n)^(nt),

Question

If 5000 dollars is invested in a bank account at an interest rate of 10 per cent per year, Find the amount in the bank after 5 years if interest is compounded annually:

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