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Fernando has $1,608 in an account. The interest rate is 1% compounded annually. To the nearest cent, how much will he have in 5 years?

Fernando has $1,608 in an account. The interest rate is 1% compounded annually. To the nearest cent, how much will he have in 5 years?
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4 votes
Fernando has $1,608 in an account. The interest rate is 1% compounded annually.

To the nearest cent, how much will he have in 5 years?

asked
User Tworabbits
by
8.1k points

1 Answer

6 votes

Answer:

$1688.40

Explanation:

1% of 1608 = 16.08

16.08 (5) = 80.40

1608+ 80.40= 1688.40

answered
User Arnekolja
by
8.4k points
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