Question

Please help!

Zack deposited $9,129 in a savings account earning 5% interest, compounded annually.

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

Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

Answer 1

Answer:

Step-by-step explanation:

B+ p(1+r)t

B= 9,129* 0.05

 = 9,129+456.45=9,585.45----> after first year

9,585.45*0.05

=9,585.45+479.2725=10,064.7225-----> second year

If you follow this pattern up to five years you would get:

10,567.9586----> third year

11,096.3565-----> fourth year

11,651.1743-----> fifth year

This is now our finale balance