Invest $25,000 in a account paying 6% compounded annually, what will the balance be after 5 years

Step-by-step explanation:

In the above question we have been given ,

P = $ 25,000    ( initial deposit )

r = 6%                 ( rate of interest )

n = 1

t = 5 years         ( time period )

Compound Interest Formula -

Now putting the appropriate values   -

After 5  years the balance will be $33,500

The amount in the account after five years would be $33,500

Explanation:

Principal. P = $25,000

Rate of interest, r = 6%

Time, t = 5 years

Balance = ?

We know,

Since the interest is compounded annually, n = 1

Substituting the value we get,

Therefore, the amount in the account after five years would be $33,500

pakistan's principal natural resources are arable land and water. about 25% of pakistan's agriculture accounts for about 21% [1] of gdp and employs about 43% of the labour force. in pakistan, the most agricultural province is punjab where wheat and cotton are the most grown.

step-by-step explanation: s