# SOLUTION: You put \$4,750 into a bank paying 1.4% simple interest per year. Suppose you don't take anything out of the account. How much do you have after two years? Thank you, Shelle

Algebra ->  Algebra  -> Expressions-with-variables -> SOLUTION: You put \$4,750 into a bank paying 1.4% simple interest per year. Suppose you don't take anything out of the account. How much do you have after two years? Thank you, Shelle      Log On

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 Click here to see ALL problems on Expressions-with-variables Question 329985: You put \$4,750 into a bank paying 1.4% simple interest per year. Suppose you don't take anything out of the account. How much do you have after two years? Thank you, ShelleyAnswer by nerdybill(7008)   (Show Source): You can put this solution on YOUR website!You put \$4,750 into a bank paying 1.4% simple interest per year. Suppose you don't take anything out of the account. How much do you have after two years? . M = P( 1 + i )^n . M is the final amount including the principal P is the principal amount i is the rate of interest per year n is the number of years invested . In your case: P is 4750 i is .014 n i2 2 . Plugging in our values into: M = P( 1 + i )^n M = 4750(1 + .014 )^2 M = 4750(1.014)^2 M = 4750(1.028196) M = \$4883.93