Answer:
$7045
Step-by-step explanation:
Given data
Principal= $5,000.00
Rate= 7.1%
Time= 5 years
The expression for the compound interest is
A=P(1+r)^t
Substitute
A= 5000(1+0.071)^5
A= 5000(1.071)^5
A= 5000*1.409
A= $7045
Hence the amount in the account after 5 years is $7045
