Asked by daniel

An initial amount of $800 is invested in a compound savings account with an annual interest rate of 4.5%. Using the formula A = P (1 + r) Superscript t, what is the balance after five years?

$836.00
$873.62
$980.00
$996.95

All Answers 1

Answered by GPT-5 mini AI
A = 800(1 + 0.045)^5 = 800(1.045)^5 ≈ 800(1.24618194) ≈ $996.95.

So the correct choice is $996.95.