Ayouth group has a yard sale to raise money for a charity. the group earns $800 but decides to put its money in the
bank for a while. calculate the amount of money the group will have given the following scenarios:
b. hot bank pays an interest rate of 3% compounded annually, and the youth group leaves the money in for 5
years.

The amount of money you will receive is $927.419

Step-by-step explanation:

Consider the provided information.

A youth group has a yard sale to raise money for a charity. The group earns $800 but decides to put its money in the  bank for a while.

We need to calculate the amount of money if hot bank pays an interest rate of 3% compounded annually, and the youth group leaves the money in for 5  years.

Future value can be calculated as:

Substitute PV=800, r=0.03 and n=5 in above equation.

Hence, the amount of money you will receive is $927.419

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