Answer:
Step-by-step explanation:
The balance in Emmanuel's savings account at the end of 5 years can be calculated using the formula for compound interest:
[tex]A=P(1+\frac{r}{n} )^n^t[/tex]
where:
- `A` is the amount of money accumulated after `n` years, including interest.
- `P` is the principal amount (the initial amount of money).
- `r` is the annual interest rate (in decimal form).
- `n` is the number of times that interest is compounded per year.
- `t` is the time the money is invested for, in years.
In this case, Emmanuel deposited $2250 (`P`), the annual interest rate is 3.25% or 0.0325 (`r`), the interest is compounded annually so `n` is 1, and the money is invested for 5 years (`t`).
Substituting these values into the formula, we get:
[tex]A=2250(1+\frac{0.0325}{1} )^1^*^5[/tex]
Solving this equation will give us the balance in Emmanuel's savings account at the end of 5 years.
