SOLUTION: you invest $300 and 5% compound for 4 years. how much do you have in the account after 4 years and how much intrest did you earn?

Question 620287: you invest $300 and 5% compound for 4 years. how much do you have in the account after 4 years and how much intrest did you earn?
Answer by babs1010(6) (Show Source): You can put this solution on YOUR website!
you invest $300 and 5% compound for 4 years. how much do you have in the account after 4 years and how much intrest did you earn? |
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Let P = Principle
Let R = Rate
Let T = Time
Let I = Interest

Given: P = $300
Given: R = 5%
Given: T = 4 YEARS
Find: I

Interest = Principle * Rate * Time
I = PRT
I = $300 * 5% * 4
I = $300 * 0.05 * 4
I = $60.00

B = Final Balance = P + I = $300.00 + $60.00 = $360.00

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