Question

10) The amount of money, A, accrued at the end of n years when a certain amount, P, is invested at a compounded
annually rate ,r, is given by A=P(1 +r)^n. If a person invests $350 in an account that pays 2% interest compounded
annually, find the balance after 5 years.

Answer 1

Total = 350.00 * (1.02)^5
Total = 350.00 * 1.1040808032
Total = 386.43