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Question

Christopher deposits $700 into a savings account for 5 years. The interest rate is 1.5%. What is the total amount of money he will have after the 5 years?

Answer 1

A = P(1+0.015)^5

= 700(1.015)^5

= about $754.10 after 5 years at 1.5% annual interest rate, compounded annually

A=Pe^rt

= 700e^.015(5)

= 700e^.075

= $754.52 if compounded continuously