can you PLEASE help me with ...

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+r/n)^nt

where P = starting amount= $700

A= ending amount

r= annual interest rate= .015 = 1.5%

n= number of compounding periods per year

t = number of years = 5

A= 700(1.015)^5 if n=1, annual compounding, then

A= $754.10