Imagine you have invested $800 into a savings account that earns 3.5% interest compounded annually. What is the balance of your account after 5 years without more deposits or withdrawals?

The balance of your account after 5 years without more deposits or withdrawals will be $950.15.

Step-by-step explanation:

The compound interest formula is given by:

Where A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit t and t is the time the money is invested or borrowed for.

In this problem, we have that:

So

The balance of your account after 5 years without more deposits or withdrawals will be $950.15.

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