Urgent *Will Medal*: Emily invested $5000 in a college fund for her daughter. The account earns 5% interest compounded annually.

What is the total amount in Emily's account in 12 years? Round to the nearest dollar.

Thanks c:

Question

Urgent *Will Medal*: Emily invested $5000 in a college fund for her daughter. The account earns 5% interest compounded annually.

What is the total amount in Emily's account in 12 years? Round to the nearest dollar.

Thanks c:

anonymous · Answer

$$A=P(1+\frac{ r }{ n })^{nt}$$
$$A=5000(1+\frac{ 0.05 }{ 1 })^{1*12}$$