Register

If you deposit $5,000 in a bank account that pays 4% interest annually, how much will be in your account after 5 years? round your answer to the nearest cent.

If you deposit $5,000 in a bank account that pays 4% interest annually, how much will be in your account after 5 years? round your answer to the nearest cent.
165k views
4 votes
If you deposit $5,000 in a bank account that pays 4% interest annually, how much will be in your account after 5 years? round your answer to the nearest cent.

User John Henckel
by
8.6k points

1 Answer

2 votes
The formula is
A=p (1+r)^t
A future value?
P present value 5000
R interest rate 0.04
T time 5years
A=5,000×(1+0.04)^(5)
A=6,083.26
User Nuffin
by
8.6k points
← Prev Question Next Question →

No related questions found

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

9.4m questions

12.2m answers

Other Questions

What can turn igneous rock into sediment?
In what way did the GI Bill contribute to the growth of professional and white-collar jobs ? A.by providing US laborers with new job-training programs B.by giving US veterans assistance to purchase a new
What is meant by data mining ?
The government has decided that the free market price of cheese is too low. Farmers complain that the price floor has reduced their total revenue.Is this possible? Explain
How can life expectancy and literacy rates affect the quality of labor in the economy?
Link Copied!