an initial amount of $800 is invested in a compound savings account with an annual interest rate of 4.5%…

an initial amount of $800 is invested in a compound savings account with an annual interest rate of 4.5%. using the formula a = p(1 + r)^t, what is the balance after five years?\n$836.00\n$873.62\n$980.00\n$996.95

an initial amount of $800 is invested in a compound savings account with an annual interest rate of 4.5%. using the formula a = p(1 + r)^t, what is the balance after five years?\n$836.00\n$873.62\n$980.00\n$996.95

Answer

Explanation:

Step1: Identificar valores

Dado que $P = 800$, $r=0.045$ (ya que $4.5%= 0.045$) y $t = 5$.

Step2: Sustituir en la fórmula

Sustituimos en $A = P(1 + r)^t$, entonces $A=800\times(1 + 0.045)^5$.

Step3: Calcular $(1 + 0.045)^5$

$(1 + 0.045)^5=1.045^5\approx1.24618$.

Step4: Calcular el valor de $A$

$A = 800\times1.24618=996.944\approx996.95$.

Answer:

D. $996.95$