You deposit 265 in a bank account that offers 5 annual compounding interest at the end of 5 years what areyour total earnings?

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1055915

2026-03-16 05:40

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To calculate the total earnings from a deposit of $265 with an annual compounding interest rate of 5% over 5 years, you can use the formula for compound interest: ( A = P(1 + r)^n ), where ( A ) is the total amount, ( P ) is the principal amount ($265), ( r ) is the annual interest rate (0.05), and ( n ) is the number of years (5).

Plugging in the values, ( A = 265(1 + 0.05)^5 ) which equals approximately $338.29. Therefore, your total earnings after 5 years would be about $73.29.

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