SOLUTION: Find the final amount of money in an account if P3 ,500 is deposited at 3% interest compounded annually and the money is left for 5 5years.

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Question 1182344: Find the final amount of money in an account if P3 ,500
is deposited at 3% interest compounded annually and the money is left for 5
5years.

Found 2 solutions by mananth, MathTherapy:
Answer by mananth(16946)   (Show Source): You can put this solution on YOUR website!
Find Amount
Principal P = 3500
Amount= A
years=t 5.00
compounded 1 time a year n
Rate = 3.00% 0.03 0.03
A

Amount = =3500 *( 1 + 0.03 )^ 1 * 5.00
Amount = 3500 *( 1 + 0.03 )^ 5
3500 *( 1.03 )^ 5.00
Amount = $4057.46

Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

Find the final amount of money in an account if P3 ,500
is deposited at 3% interest compounded annually and the money is left for 5
5years. 
That depends on whether it's 5 or 55 years. 

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