You deposit $500 in an account that pays 5% interest compounded yearly. How much money is in the account after 4 years? PLEASE HURRY!!!

asked Oct 14, 2018 46.0k views

5 votes

You deposit $500 in an account that pays 5% interest compounded yearly. How much money is in the account after 4 years?

PLEASE HURRY!!!

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2 votes

2002 i hope i helped

Marianita answered Oct 15, 2018

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5% of 500 is 25, so after four years, they pay 100,so then 500 plus 100 is 600. So 600 is the answer.

Adam Lamers answered Oct 20, 2018

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