Register
Jake's bank offers him an account with 3o interest, compounded annually. How much interest would he earn from this account if he deposits his $1,320 for 5 years?
149k views
3 votes
Jake's bank offers him an account with 3o

interest, compounded annually. How much
interest would he earn from this account if he
deposits his $1,320 for 5 years?

User DiningPhilanderer
by
8.3k points

1 Answer

8 votes

I=P(1+R/100)^5

I=$1320(1+3/100)^5

I=$1530

User Chevaughn
by
8.8k points
← Prev Question Next Question →

Related questions

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 can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
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?
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!