If 10,500 is deposited in a compound interest account paying 2.99% interest annually, how much will be in the account after 5 years? Round your answer to the nearest cent.

Question

jhonyy9 · Answer

10.500 ----- 100%
  x -----------2,99%
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 x = (2,99*10500)/100 = 313,95 this mony will get annually so what will be for 5 years 

313,95*5=1569,75 
- and you need assuming 10500 with 1569,75 for you get the right answer

10500 + 1569,75 = 12069,75 

- so than will have after 5 years on account 12069,75 money

anonymous · Answer

Annual compound interest formula

The formula for annual compound interest is A = P (1 + r/n) ^ nt:
Where:
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for

anonymous · Answer

Assuming it only compounds once per year
$12,166.47 will be in the account after 5 years