Question

A savings account of $5, compounded at an annual interest rate of 7% for 5 years will have how much total in the account?

Answer 1

$6.75

Explanation:

S.I=PRT/100

S.I=5×7×5/100

S.I=175/100

S.I=1.75

Principal + interest= total amount in account

$5+$1.75=$6.75