Question

1000 into an account that is growing 4.2% per year. What should you do to the pervious years amount

Answer 1

The amount into account after a year is $1042

Explanation:

Given as :

The principal amount into the account = p = $1000

The amount is growing at the rate = r = 4.2 % per year

Let The Amount into account after 1 year = $A

So, According to question

The amount into account after 1 year = The principal amount ×
`(1+(\textrm rate)/(100))^(\textrm time)`

Or, A = p ×
`(1+(\textrm r)/(100))^(\textrm 1)`

Or, A = $1000 ×
`(1+(\textrm 4.2)/(100))^(\textrm 1)`

Or, A = $1000 × 1.042

Or, A = $1042

So, The amount into account after a year = A = $1042

Hence,The amount into account after a year is $1042 . Answer