Mykala has deposited 5,000 in a bank for 6 years at the interest rate of 5% compounded annually. How much money will she receive at the end of the six years?

Solution

Mykala has deposited 5, 000 in a bank for 6 years at the interest rate of 5% compounded annually. How much money will she receive at the end of the six years?

Solution

Amount : 6700.48

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.05}{1})^{1 \cdot 6}

5000 (1 + \frac{0.05}{1})^{1 \cdot 6} = 6700.47820 \dots

Round to the nearest hundredth:

6700.48

Amount : 6700.48

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Mykala has deposited​ 5,000 in a bank for 6 years at the interest rate of​ 5% compounded annually. How much money will she receive at the end of the six​ years?

Solution

Solution

Popular Examples

Mykala has deposited 5,000 in a bank for 6 years at the interest rate of 5% compounded annually. How much money will she receive at the end of the six years?