Aprincipal of $4,570 is placed in an account that earns 4.5% interest. if the interest is compounded annually, how much money will be in the account at the end of 5 years? a. $4654.15 b. $4775.65 c. $5638.75 d. $5695.05

Since the interest is composed annually, then we have an exponential equation of the form:

Where,

A: initial investment

b: growth rate

x: time in years

Substituting values we have:

Doing the calculations we have:

At the end of 5 years there will be in the account:

d. $ 5695.05

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