Nate deposited $1,000 in an account earning 5% interest compounded annually. To the nearest cent, how much will he have in 4 years?

asked Aug 10, 2024 12.6k views

1 vote

8.4k points

Please log in or register to add a comment.

3 votes

Answer:

$1215.51

Explanation:

Nate starts with $1000

His interest is compounded, so:

1000(1.05)^x

1000(1.05)^4 = $1215.51

Sid Brooklyn answered Aug 15, 2024

7.8k points

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

9.4m questions

12.2m answers