Question

Suppose $800 is invested into an account that pays 3.5% interest, compounded annually. What is the balance in the account after 5 years?


A.
$560.00


B.
$950.15


C.
$1142.86


D.
$2800.00

Answer 1

@KamiBug

Answer 2

I think something is wrong with this question... Are you sure you wrote the right question and corresponding options?

Answer 3

Suppose $800 is invested into an account that pays 3.5% interest, compounded annually. What is the balance in the account after 5 years?


A.
$560.00


B.
$950.15


C.
$1142.86


D.
$2800.00

Answer 4

Yeah, sorry I don't know.

Answer 5

can u ask someone 4 me plz

Answer 6

@mathmale @mathman @MathLanguage

Answer 7

@SolomonZelman

Answer 8

wait, so it's compounded ONCE EACH YEAR ?

Answer 9

\[\huge\color{green}{ A=P(1+ \frac{r}{n})^{nt} } \]

P = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year

after I plug in numbers, I get \[\huge\color{blue}{ A=800(1+\frac{3.5 }{1} ) ^{ (1 \times 5)}}\]

Answer 10

so is it a b c or d

Answer 11

@SolomonZelman

Answer 12

plz help @wolf1728

Answer 13

plz help @KyoshiKitty

Answer 14

$800 3.5 interest 5 years
Total = Principal * (1+r)^years
Total = 800 * (1.035)^5
Total = 800 * 1.1876863056
Total = 950.15

Answer 15

i'll try @bubblebutt

Answer 16

ii fan you and give u a medal if u can help me PPPPPPPPPLLLLLLLLLLLZZZZZZZZZZZZZZZ help meeeeeeeeeeeeeeeeeeeeeeeeeeee!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Answer 17

sso b? @wolf1728

Answer 18

bubblebutt - that would be it

Answer 19

u rock! :)

Answer 20

thanks - I'm good with compound interest and half life problems