Answer:
$176.3193692 or $176.32 (rounded to two decimal places)
Step-by-step explanation:
It is a compound interest, which means the interest accumulates on an initial amount each period.
The formula is A=P(1+R)^n
A= the total amount P=initial amount R=rate n=time (years)
P=$120 Rate= 8% or 0.08 (decimal) n=5 (years)
A=120 (1+0.08)^2
A=120 (1.469328077)
A= 176.3193692
