Answer:
Concept:
The formula to calculate the compound interest is given below as
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ \text{Where,} \\ A=\text{amount} \\ P=\text{amount borrowed}=45,000 \\ r=\text{rate}=\frac{4}{100}=0.04 \\ t=\text{time(years)} \\ n=nu\text{mber of times compounded}=1 \end{gathered}[/tex]By substituting the values, we will have
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ A=45,000(1+\frac{0.04}{1})^{1\times5} \\ A=45,000(1+0.04)^5 \end{gathered}[/tex]By simplifying the expression above, we will have
[tex]\begin{gathered} A=45,000(1+0.04)^5 \\ A=45,000\times1.04^5 \\ A=54,749 \end{gathered}[/tex]Hence,
The final answer is = $54,749
