Given Data:
The initial amount is, P =200
The rate of interest is, r = 1% = 0.01
The compounding is done monthly, so n = 12.
The duration is t = 5
Applying the formula to calculate the compound interest , we have,
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ A=200(1+\frac{0.01}{12})^{12\times5}=210.249 \end{gathered}[/tex]Thus, there will be 210.249 in the account.
