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Jake’s bank offers him an account with 3% interest, compoundedannually. How much interest would he earn from this account if hedeposits his $1,320 for 5 years?

Jake’s bank offers him an account with 3% interest, compoundedannually. How much interest would he earn from this account if hedeposits his $1,320 for 5 years?
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3 votes
Jake’s bank offers him an account with 3% interest, compoundedannually. How much interest would he earn from this account if hedeposits his $1,320 for 5 years?

asked
User Hwrd
by
8.6k points

1 Answer

3 votes
I=P(1+R/100)^5
I=$1320(1+3/100)^5
I=$1530
answered
User Ben Glasser
by
8.9k points
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