A saving account accrues interest at a rate of 3.0% yearly. If someone opens an account with 2,500 how much money would the account have after 5 years?

A. 2,575.00

B. 2,813.77

C. 2,898.19

D. 2,985.13

Question

Mathematics

Kendrick Ho

29 May, 12:49

A saving account accrues interest at a rate of 3.0% yearly. If someone opens an account with 2,500 how much money would the account have after 5 years?

A. 2,575.00

B. 2,813.77

C. 2,898.19

D. 2,985.13

+4

Answers (1)

Know the Answer?

Kobe Jordan · Answer 1

The future worth (F) of the current investment (P) with interest i is calculated through the equation,

F = P x (1 + i) ^n

Substituting the known values to the given equation,

F + (2500) x (1 + 0.03) ^5 = 2898.19

Thus, the account would have approximately 2898.19.

A saving account accrues interest at a rate of 3.0% yearly. If someone opens an account with 2,500 how much money would the account have after 5 years?A. 2,575.00B. 2,813.77C. 2,898.19D. 2,985.13

A saving account accrues interest at a rate of 3.0% yearly. If someone opens an account with 2,500 how much money would the account have after 5 years?

A. 2,575.00

B. 2,813.77

C. 2,898.19

D. 2,985.13