203k views
2 votes
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 ?

User VpiTriumph
by
8.6k points

1 Answer

3 votes
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
User Dzikovskyy
by
8.2k points

No related questions found

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