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Isaiah invested
$
1300
$1300 in an account that pays 5% interest compounded annually. assuming no deposits or withdrawals are made, find how much money isaiah would have in the account 5 years after his initial investment. round to the nearest tenth (if necessary).

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Answer:

Isaiah will have a final amount of $1659.17.

General Formulas and Concepts:
Pre-Algebra

Order of Operations: BPEMDAS

  1. Brackets
  2. Parenthesis
  3. Exponents
  4. Multiplication
  5. Division
  6. Addition
  7. Subtraction
  • Left to Right

Algebra I

Compounded Interest Rate Formula:
[tex]\displaystyle A = P \bigg( 1 + \frac{r}{n} \bigg) ^{nt}[/tex]

  • P is principal amount
  • r is rate
  • n is compounded rate
  • t is time

Step-by-step explanation:

Step 1: Define

Identify given variables.

P = $1300

r = 0.05

n = 1

t = 5

Step 2: Find Gain

  1. [Compounded Interest Rate Formula] Substitute in variables:
    [tex]\displaystyle A = \$ 1300 \bigg( 1 + \frac{0.05}{1} \bigg) ^{1(5)}[/tex]
  2. [Order of Operations] Evaluate:
    [tex]\displaystyle A = \boxed{ \$ 1659.17 }[/tex]

∴ Isaiah would make approximately $359.18 and have a final amount of $1659.17.

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Learn more about interest rate formula: https://brainly.com/question/10405469

Learn more about Algebra I: https://brainly.com/question/18809052

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Topic: Algebra I

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