SOLUTION: Tisha has $40 in a savings account that earns 5% interest, compounded annually.
To the nearest cent, how much will she have in 2 years
Algebra.Com
Question 1160873: Tisha has $40 in a savings account that earns 5% interest, compounded annually.
To the nearest cent, how much will she have in 2 years
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Compound interest formula:
^{nt})
Where 
is the amount in the account after 
years, 
is the initial principal amount, 
is the annual interest rate expressed as a decimal, and 
is the number of compounding periods per year.
You want to find where 
, 
, 
, and 
.
You can do your own arithmetic.
John
My calculator said it, I believe it, that settles it
RELATED QUESTIONS
Tyler has $50 in a savings account that earns 5% interest, compounded annually. To the... (answered by stanbon)
Layla has $30 in a savings account. The interest rate is 5%, compounded annually.
To... (answered by Boreal,MathTherapy,Alan3354)
Amy has $81,000 in a savings account that earns 5% annually. The interest is not... (answered by ikleyn)
Tammy deposited $50 in a savings account earning 10% interest, compounded annually.
To (answered by ewatrrr)
Jonah has $50,000 in a savings account that earns 10.6% annually. The interest is not... (answered by FrankM)
Jean saved $125 from babysitting jobs. She wants to put it in a savings account that... (answered by ikleyn)
Sara opens a bank account with $200. The account accrues 2% interest compounded annually.
(answered by oscargut)
Latifah opens a bank account with $800. The account accrues 6% interest compounded... (answered by jim_thompson5910)
Latifah opens a bank account with $800. The account accrues 6% interest compounded... (answered by rfer)