SOLUTION: You deposit $5000 into a account earning 7% interest compounded annually. How much will you have in the account in 20 years?

Question 1176027: You deposit $5000 into a account earning 7% interest compounded annually. How much will you have in the account in 20 years?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!


Hi
 In General 
A = Accumulated Amount
P= principal = $5000
r= annual rate = .07
n= periods per year = 1
t= years = 20
Plug and Play
 = $19,348.42  (rounded to the nearest cent)

Wish You the Best in your Studies.

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