SOLUTION: If $9,000.00 is deposited into an account paying 4% interest compounded annually (at the end of each year), how much money is in the account after 5 years? (Round to the nearest ce

Question 384832: If $9,000.00 is deposited into an account paying 4% interest compounded annually (at the end of each year), how much money is in the account after 5 years? (Round to the nearest cent.)
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If $9,000.00 is deposited into an account paying 4% interest compounded annually (at the end of each year), how much money is in the account after 5 years? (Round to the nearest cent.)
--------------------
A(t) = P(1+(r/n))^(nt)
----
A(5) = 9,000,000(1+(0.04/1))^(1*5)
----------------------------------
A(5) = 9,000,000(1.04)^5 = $10,949,876.12
==============
Cheers,
Stan H.
RELATED QUESTIONS
Can someone help me with this problem? If $7,800 is deposited into an account paying (answered by psbhowmick)

If 5,600 is deposited into an account paying 5% interest compounded annually, (at the end (answered by stanbon)

Suppose that you deposit $1000 at the end of each year into an account paying 7 1/2%... (answered by ewatrrr)

Find how much money needs to be deposited now into an account to obtain $1,000 (future... (answered by ikleyn)

how much money will there be in an account at the end of 9 years is $7000 is deposited at (answered by rfer)

How much money will be in a bank account after 4 years if $9 is deposited at an interest... (answered by jorel1380)

You deposit $1000 at the end of each year into an account earning 4% interest compounded... (answered by ikleyn)

For a seven year period, Mike deposited $600 each quarter into an account paying 4.8%... (answered by harpazo)

you started a job and got paid at the end of the month and decided to put 1000.00 peso... (answered by Theo)