SOLUTION: Can someone please help me! 4. You have $760,000 in your bank account. The interest rate in your account is 5%. Solve for the following: a. How much interest will you accumulate

Question 172750: Can someone please help me!
4. You have $760,000 in your bank account. The interest rate in your account is 5%. Solve for the following:
a. How much interest will you accumulate if interest is compounded annually over the next five years?
b. How much interest will you earn in your account over the next five years with continuous compounding?
You can use a scientific calculator or the =Exp() function in Microsoft Excel.
Answer by jojo14344(1513) (Show Source): You can put this solution on YOUR website!
----------> Working eqn
Remember:
a) , compounded annually

Total Interest: =$209,973.99, Answer
.
b) , compounded continuosly/daily

Total Interest: =$215,842.61, Answer
.
Thank you,
Jojo
RELATED QUESTIONS
4. You have $760,000 in your bank account. The interest rate in your account is 5%.... (answered by Fombitz)

Can someone please help me! 4. You have $760,000 in your bank account. The interest... (answered by Baron)

Hello, can you please help me with this. I have no idea of the steps I need to solve... (answered by solver91311)

You have $760,000 in your bank account. The interest rate in your account is 5%. Solve... (answered by EMStelley)

I need some help with part B. Also The answer I got for part A is $46,189.24. Is that... (answered by solver91311)

4. You have $760,000 in your bank account. The interest rate in your account is 5%.... (answered by richwmiller)

4. You have $760,000 in your bank account. The interest rate in your account is 5%.... (answered by rfer,lwsshak3)

please help me solve this equation. Suppose you deposit a principal amount of (p)... (answered by rfer)

4. You are planning to deposit $15,000 into a bank account at the end of each year for 5... (answered by Theo)