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Barry's savings account has a balance of $2874. After 9 years, what will the amount of interest be at 5% compounded annually?

Barry's savings account has a balance of $2874. After 9 years, what will the amount of interest be at 5% compounded annually?
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4 votes
Barry's savings account has a balance of $2874. After 9 years, what will the amount of interest be at 5% compounded annually?

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User ShP
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2 Answers

4 votes
what you need to do is take $2874 and divide the 5% and then times the 9 by what you get

answered
User Rahav
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8.1k points
4 votes
A=2,874×(1+0.05)^(9)
A=4,458.52

Interest earned
4458.52-2874=1,584.52
answered
User Adnan Y
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8.1k points
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