Zach puts 800.00 into an account to use for school expenses. The account earns 13% interest, compounded annually. How much will be in the account after 5 years?

Solution

Solution

Amount : 1473.95

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.13}{1})^{1 \cdot 5}

800 (1 + \frac{0.13}{1})^{1 \cdot 5} = 1473.94814 \dots

Round to the nearest hundredth:

1473.95

Amount : 1473.95

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