Answer:
$638.14
Step-by-step explanation:
Our equation is [tex]p*(1+x)^{t}[/tex], with p being the starting amount, x being the interest rate, and t being the time. Plugging our variables in, we get
[tex]500*(1+0.05)^{5}[/tex] = around 638.14
Josh will receive $638 at the end of the term.
Josh invests $500 in a 5-year fixed interest savings bond that pays 5% per annum,
Cost price is that price for buyer which he pays to seller for an object or product.
Principle amount = $500
Rate = 5 %
Tenure = 5 years
Amount = principle (1+R)^tenure
= 500 (1+5/100)^5
= $638
Thus, Josh will receive $638 at the end of the term.
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