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Jake's bank offers him an account with 3o interest, compounded annually. How much interest would he earn from this account if he deposits his $1,320 for 5 years?

Jake's bank offers him an account with 3o interest, compounded annually. How much interest would he earn from this account if he deposits his $1,320 for 5 years?
asked 149k views
3 votes
Jake's bank offers him an account with 3o

interest, compounded annually. How much
interest would he earn from this account if he
deposits his $1,320 for 5 years?

asked
User DiningPhilanderer
by
8.3k points

1 Answer

8 votes

I=P(1+R/100)^5

I=$1320(1+3/100)^5

I=$1530

answered
User Chevaughn
by
8.8k points
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