Answer:
The balance of your account after 5 years without more deposits or withdrawals will be $950.15.
Step-by-step explanation:
The amount after 5 years is $ 950.15
Step-by-step explanation:
Given,
Principle (P) = $ 800
Time (T) = 5 years
Rate of interest (R) = 3.5%
To find the amount after 5 years.
Formula
The amount after T years compounded annually is A = P[tex](1+\frac{R}{100} )^{T}[/tex]
Now,
Putting the values of P, T, R we get,
A = $ 800[tex](1+\frac{3.5}{100} )^{5}[/tex]
= $ 950.15 (approx)
