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30 July, 19:56

You deposit $300 into a savings account that pays 4% interest compounded annually. How much interest will you earn after 5 year?

A.$65

B.$365

C.$60

D.$360

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Answers (2)
  1. 30 July, 20:12
    0
    Answer:B

    A=P (1+r/n) ^n (t)

    A = 300 (1+0.04/1) ^1 (5)

    A=300 (1.04) ^5

    A=300 (approx. 1.21 when rounded)

    A = Approx. 363 (365 when using actually number of 1.04^5)
  2. 30 July, 20:26
    0
    Answer: answer is B

    Step-by-step explanation:

    A = 300e (0.04) 5

    300e0.2

    A=$365
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