Juan's father deposited $1500 in the bank as a graduation gift for juan. The bank pays a compound interest rate of 12% compounded annually. What is Juan's balance after 4 years

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Tags
Categories
Ask a Question

GAURAV MOKASHI asked Dec 19, 2023

199,849 views

45 votes

Juan's father deposited $1500 in the bank as a graduation gift for juan. The bank pays a compound interest rate of 12% compounded annually. What is Juan's balance after 4 years

Mathematics
college

GAURAV MOKASHI asked Dec 19, 2023

by GAURAV MOKASHI

2.9k points

0 Comments

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Your answer

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

1 Answer

12 votes

It’s 5280, because you would 1500 x .12= 180. 1500- 180= 1320. Then you would multiply 1320 times 4

Stephan Eggermont answered Dec 23, 2023

by Stephan Eggermont

2.6k points

0 Comments

Your comment on this answer:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Ask a Question

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers

0 Comments

Your comment on this question:

Your answer

1 Answer

0 Comments

Your comment on this answer:

Other Questions