Kirsten invested $1000 in an account at an annual interest rate of 3%. She made no deposits or withdrawals on the account for 5 years. How do you find the balance in the account, to the nearest cent, at the end of 5 years?

The interest was compounded annually.

Answer 1

Amount Kirsten had after five years #color(violet)(A = $1159.27#

It’s Compound Interest.

#P = $1000, R=3%, N = 5# years, #A = ?#
Amount #A = P (1 + R/100)^ #
#A = 1000* (1+ 3/100)^5#
#A = 1000 * 1.03^5#
Amount Kirsten had after five years #color(violet)(A = $1159.27#
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Answer from HIX Tutor

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

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