review for financial algebra final exam answers
ound interest rate of 4%, compounded annually, what will be the amount after 5 years? Answer: Amount (A) = Principal × (1 + Rate)^Time A = $1,000 × (1 + 0.04)^5 ≈ $1,000 × 1.2167 ≈ $1,216.70 The investment will grow to approximately $1,216.70 a