Answer:
A = $2130.49
Step-by-step explanation:
Given the following data;
Time, t = 5 years
Interest rate, r = 8%
Principal = $1450
To find the future value, we would use the compound interest formula;
[tex] A = P(1 + \frac{r}{100})^{t}[/tex]
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
t is the number of years for the compound interest.
Substituting into the equation, we have;
[tex] A = 1450(1 + \frac{8}{100})^{5}[/tex]
[tex] A = 1450(1 + 0.08)^{5}[/tex]
[tex] A = 1450(1.08)^{5}[/tex]
[tex] A = 1450 * 1.4693 [/tex]
A = $2130.49
