Question

$5,000 invested at an APR of 4.7% for 17 years. what is the balance in the account after 17 years?

Answer 1

Given data:

The given principal is P=$5,000.

The given rate is r=4.7%.

The given time is t=17 years.

The expression for the final amount after 17 years,

$A=P+\frac{P\times r\times t}{100}$

Substitute the given values in the above expression.

$\begin{gathered} A=(5000)+\frac{5000\times4.7\times17}{100} \\ =5000+3,995 \\ =8,995 \end{gathered}$

Thus, the final balance after 17 years is $8,995.