Question

1

suppose you deposit $1,500 in a savings account that pays interest at an annual rate of 5%. if no money is added or withdrawn from the account, answer the following questions.
a. how much will be in the account after 4 years?
b. how much will be in the account after 17 years?
c. how many years will it take for the account to contain $2,000?
d. how many years will it take for the account to contain $2,500?
a. after 4 years, the amount in the account will $
(do not round until the final answer. then round to the nearest cent as needed.)

Answer 1

a. After 4 years there will be $1,823.26.

b. After 17 years there will be $3,438.03.

c. It will take 6 years with a total balance of $2,010.14.

d. It will take 11 years with a total balance of $2,565.51.

Explanation: