You deposit $500 in an account that earns 5% compounded annually. what is the balance in your account after 5 years? round your answer to the nearest cent. f $2,625.00 g $625.00 h $886.89 j $638.14

J. $638.14

Step-by-step explanation:

We will use compound interest formula to solve our given problem.

, where,

A=Final amount after T years.

P= Principal amount.

r= Interest rate in decimal form.

n= Period of compounding.

T= Time in years.

Let us convert our given interest rate in decimal form.

Let us substitute our given values in above formula.

Therefore, we will have an amount of $638.14 after 5 years and option J is the correct choice.

all teachers

step-by-step explanation:

i'm pretty sure it's 477,585,296, but perhaps my math is incorrect.