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Dina invests $600 for 5 years at a rate of 2% per year compound interest.
Calculate the value of this investment at the end of the 5 years,

Respuesta :

Numenius

Answer:

The investment after 5 years is $ 662.45.

Step-by-step explanation:

Principal, P = $ 600

Time, t = 5 years

Rate of interest, R = 2 %

Time , t = 5 years

The amount after the time 5 years is

[tex]A = P \times \left ( 1+\frac{R}{100} \right )^t\\\\A = 600\left ( 1+0.02 \right )^5\\\\A = 662.45[/tex]

So, the investment after 5 years is $ 662.45.