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15 November, 07:52

If $1,000 is invested in an account that pays 5% interest compounded annually an expression that represents the amount in the account at the end of five year

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  1. 15 November, 07:53
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    The formula for this is: A=P (1+r/n) ^ (nt)

    A = amount in the account

    P = amount you start with

    r = rate it is compounded

    t = time (in years)

    n = number of times per year

    Since you are looking for A, you can solve right away.

    A = $1,000 (1+0.05) ^ (5)

    A = $1276.28
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