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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

Respuesta :

tolaosunrinde

Answer: answer is B

Step-by-step explanation:

A= 300e(0.04)5

300e0.2

A=$365

writetokasia07

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)