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Jason deposits $5,000 in a bank account that will pay him 4% simple interest annually. If Jason deposits no more than the initial 5,000 , how much money will be in the account a…
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Jason deposits $5,000 in a bank account that will pay him 4% simple interest annually. If Jason deposits no more than the initial 5,000 , how much money will be in the account a…
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May 10, 2018
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Jason deposits $5,000 in a bank account that will pay him 4% simple interest annually. If Jason deposits no more than the initial 5,000 , how much money will be in the account at the end of 5 years ?
Mathematics
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VpiTriumph
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F=I(1+rt), F=final amount, I=initial amount, r=rate, t=time
Here I=$5000, r=(4/100)=0.04 so
F=$5000(1+0.04t) so after 5 years...
F=$5000(1+0.2)
F=$6000
Dzikovskyy
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May 13, 2018
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