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A principal of 5350 is placed in an account that earns 3.5% interest. If the interest is compounded annually, how much money will be in the account at the end of 4 years

A principal of 5350 is placed in an account that earns 3.5% interest. If the interest is compounded annually, how much money will be in the account at the end of 4 years
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A principal of 5350 is placed in an account that earns 3.5% interest. If the interest is compounded annually, how much money will be in the account at the end of 4 years

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User Markpasc
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1 Answer

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5350 x 3.5% = 187.25

187.25 is compounded per year

187.25 x 4 = 749.00 is the interest after 4 years

749.00 + 5,350 = 6,099

6,099 will be in the account at the end of 4 years.
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User Grant Limberg
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