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A principal of $400 is invested in an account at 6% per year compounded annually . what is the total amount of money in the account after 5 years

A principal of $400 is invested in an account at 6% per year compounded annually . what is the total amount of money in the account after 5 years
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a principal of $400 is invested in an account at 6% per year compounded annually . what is the total amount of money in the account after 5 years

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User David Boydell
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7.8k points

1 Answer

6 votes
1+(6/100) = 1.06

400 * (1.06)^5 = 535.29

Hope this helps! :)
answered
User Shamas
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8.7k points
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