SOLUTION: Justin deposits $4,000 into an IRA account that earns an annual interest rate of 6.5%. If he makes no additional deposits, how much money will he have in the account one year later

SOLUTION: Justin deposits $4,000 into an IRA account that earns an annual interest rate of 6.5%. If he makes no additional deposits, how much money will he have in the account one year later

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Question 1001194: Justin deposits $4,000 into an IRA account that earns an annual interest rate of 6.5%. If he makes no additional deposits, how much money will he have in the account one year later?
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Interest I = prt, so here
p = 4000, r = .065, and t = 1 year
Thus
I=(4000)(.065)(1) = $260
Add that to the $4000 and get
$4260
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