Register
A bank is offering an annual interest rate of 4% compounded monthly. You decide to invest $5,000 into the bank when you start college. After 5 years you graduate and decide to pull the money out of the
204k views
3 votes
A bank is offering an annual interest rate of 4% compounded monthly. You decide to invest $5,000 into the bank when you start college. After 5 years you graduate and decide to pull the money out of the bank. How much money would be in the account?

User Cfstras
by
8.0k points

1 Answer

3 votes

Answer:

1000

Explanation:

l=PRT/100

I=5000*4*5/100

I=1000

User Jack Satriano
by
7.8k 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.

9.5m questions

12.2m answers

Other Questions

How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!