Question

An account with an initial balance of $4000 earns 6.5% interest for 5 years.

What is the ending balance?

Enter your answer in the box.

Answer 1

The ending balance is $5,480.

Given that,

• The initial balance is $4,000.
• The rate of interest is 6.5%.
• And, the time period is 5 years.

Based on the above information, the calculation is as follows:

$= \ 4,000 \times (1 + 0.065)^5$

= $5,480

Therefore, the ending balance is $5,480.

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