SOLUTION: Can you show me step by step how to solve this equation? You deposit $1000 into a savings account in which the intrest is compounded anuualy at a rate of 5%. What is the p

Question 454898: Can you show me step by step how to solve this equation?
You deposit $1000 into a savings account in which the intrest is compounded anuualy at a rate of 5%.

What is the pricipal after 5 years?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Find Amount
Principal P = 1000
Amount= A
years=n 5.00
compounded 1,times a year t
Rate = 5.00,=0.05
Amount = P*((n+r)/n)^n*t
Amount = 1000*(1+ 0.05)^5* 1
Amount = 1000*(1+ 0.05)^5
1000*(1.05)^5*1
Amount = $1276.28

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