SOLUTION: You invest $1,300 in an account that has an annual interest rate of 5%, compounded annually. How much money will be in the account after 10 years? Round your answer to the nearest

Question 537749: You invest $1,300 in an account that has an annual interest rate of 5%, compounded annually. How much money will be in the account after 10 years? Round your answer to the nearest whole number.
Answer by TMils(8) (Show Source): You can put this solution on YOUR website!
You invest $1,300 in an account that has an annual interest rate of 5%, compounded annually. How much money will be in the account after 10 years? Round your answer to the nearest whole number.
A=Pe^rt
P= princible (1300)
e= (2.71828)- function on a graphing calculator
r = interest rate (.05 or 5%)
t = time (10 years)
A = 1300e^.05(10)
A = 1300e^.5
A = 2143.337652
A = 2143

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