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You have $1000 in a savings account and the compound interest rate is 5% per year. After 5 years, how much money approximately do you have in the savings account if you left the…

You have $1000 in a savings account and the compound interest rate is 5% per year. After 5 years, how much money approximately do you have in the savings account if you left the…
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2 votes
You have $1000 in a savings account and the compound interest rate is 5% per year. After 5 years, how much money approximately do you have in the savings account if you left the money to grow?

asked
User Mts
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2 Answers

4 votes
The formula of compound interest is:


New Capital = Deposit x ( 1+ Interest )^(number of years


New Capitan = 1000( 1 + 0.05)^5


$1,276.28
answered
User Badawym
by
8.5k points
3 votes

Answer:

Your answer is 1000( 1 + 0.05)^5

$1,276.28

Step-by-step explanation:

answered
User IanNorton
by
8.2k points
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