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A 4,000.00 principal earns 5% interest, compounded annually. After 4 years, what is the balance in the account? A. 500,000.00 B. 4,862.03 C. 4,600.00 D. 20,250.00
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A 4,000.00 principal earns 5% interest, compounded annually. After 4 years, what is the balance in the account?

A. 500,000.00
B. 4,862.03
C. 4,600.00
D. 20,250.00

User JR White
by
9.0k points

1 Answer

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The compound interest formula is given.

Principal is $4,000
Rate of interest is 5% or 0.05
Number of times compounded is 1 (once per year)
T (or time in years) is 4

The balance after 4 years is $4,862.03
A 4,000.00 principal earns 5% interest, compounded annually. After 4 years, what is-example-1
User Jesse Eichar
by
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