Kirsten invested $1000 in an account at an annual interest rate of 3%. She made no deposits or

withdrawals on the account for 5 years. The interest was compounded annually. Find the balance

in the account, to the nearest cent, at the end of 5 years.

Question

Today, 04:55

+5

Answers (1)

Know the Answer?

Nathaly Nguyen · Answer 1

I = Prt

I = ($1000) (3%) (5 years)

I = ($30) (5 years)

I = $150

$1000 + $150

$1150

Kirsten invested $1000 in an account at an annual interest rate of 3%. She made no deposits orwithdrawals on the account for 5 years. The interest was compounded annually. Find the balancein the account, to the nearest cent, at the end of 5 years.