SOLUTION: Suppose $4000 is invested in an account paying 5% interest compounded annually (once a year). Write an equation to model the value of this investment. Find the balance in the acc

Question 612485: Suppose $4000 is invested in an account paying 5% interest compounded annually (once a year).
Write an equation to model the value of this investment.
Find the balance in the account after 6 years. Round your answer to the nearest penny.
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi, 

$4000 is invested in an account paying 5% interest compounded annually 

In General 

A = Accumulated Amount

P= principal = 4000

r= annual rate = .05

n= periods per year = 1

t= years = 



Find the balance in the account after 6 years.

 

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