Answer:
Total amount of money in the account be $936.6 .
Step-by-step explanation:
Formula
[tex]Amount = P(1 + \frac{r}{100})^{t}[/tex]
Where P is the principle , r is the interest and t is the time .
As given
A principal of $700 is invested in an account at 6% per year compounded annually for 5 years .
Putting all the values in the formula
[tex]Amount = 700(1 + \frac{6}{100})^{5}[/tex]
[tex]Amount = 700(1 + 0.06)^{5}[/tex]
[tex]Amount = 700(1.06)^{5}[/tex]
[tex]Amount = 700\times 1.338\ (Approx)[/tex]
Amount = $ 936.6
Therefore the total amount of money in the account be $936.6 .
