Question

) Your 2 year investment of $5,300 earns 2.9% and is compounded annually. What will
your total return be?

Answer 1

The total amount of return will be 5611.8573. The principal amount is compounded annually.

What is compound interest?

Compound interest is computed on a loan or deposit based on the starting principle and the preceding period's accrued interest.

The given data;

P(PRINCIPAL)=5300

r(rate)=2.9%

n=1

t(time)=2

The total amount of return is found as;

$\rm A= 5300 (1+\frac{29}{100} )^2 \\\\ A=5611.8573$

Hence,the total amount of return will be 5611.8573.

To learn more about compound interest, refer:

https://brainly.com/question/14295570

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