If Max does not deposit or withdraw any additional money then after 5 years the account holds $534.45
In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum, at a particular rate.
A deposit is the act of placing cash with some entity, most commonly with a financial institution, such as a bank
In mathematics, a percentage is a number or ratio expressed as a fraction of 100
Initial deposit P = $450
Interest rate r = 3.5%
Time period = 5 years
Number of compounding period n= 1
Total amount = [tex]P(1+\frac{r}{n})^{nt}[/tex]
[tex]=450(1+\frac{3.5}{100})^{5}[/tex]
Total amount= $534.45
Hence, If Max does not deposit or withdraw any additional money then after 5 years the account holds $534.45
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