Question

A local farm has raised $3,300 from their annual maple syrup festival. The owner of the farm decided to invest this money into an account. The account earns 1.8% annually. How much total money would be in the account after 5 years?

Answer 1

Total = Principal * (1 + rate)^years
Total = 3,300 * (1.018)^5
Total = 3,300 * 1.0932988468
Total = 3,607.89