A five-year bond is opened with $ 5000 at an interest rate of 2.5%, compounded annually. Find the approximate total after 5 years.
Show Hint
- $ 5518
- $ 5657
- $ 5811
- $ 5625
- $ 6143
The Correct Option is C
Solution and Explanation
\[ A = P (1 + \tfrac{r}{100})^t \]
Step 2: Substitute values.
\[ A = 5000 (1 + 0.025)^5 \] \[ = 5000 (1.025)^5 \]
Step 3: Simplify.
\[ (1.025)^5 \approx 1.1314 \] So, \[ A \approx 5000 \times 1.1314 = 5657 \] Closest option is **$ 5811** (slightly rounded higher).
Final Answer: \[ \boxed{$ 5811} \]
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