SOLUTION: If I buy a cd for 5000 at 1.7 percent what will my return be on my money after five years

SOLUTION: If I buy a cd for 5000 at 1.7 percent what will my return be on my money after five years

Algebra.Com

Question 1070564: If I buy a cd for 5000 at 1.7 percent what will my return be on my money after five years
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
If compounded annually, I=prt=5000*0.017*5=$425, now worth $5425
if compounded continuously, A=Aoe^rt, Ao=5000, r=0.017, t=5
A=5000*e^0.085=5000*1.089, and rounding only at the end, A=$5443.59
For other compoundings, the result would be in between.
RELATED QUESTIONS
Jack intends to buy a house for $454700. He intends to make a 25 percent down payment and (answered by Theo)

If I buy something for $8.99, what would my total be at a 7% sales... (answered by umail08)

I'm not doing very well helping my son understand this problem. Michael buys into a... (answered by stanbon)

I NEED HELP WITH THIS PROBLEM TUTORS. THANKS THE FORMULA FOR CALCULATING THE AMOUNT OF... (answered by MathLover1)

Please help I am stuck on this problem :( 3) The formula for calculating the amount of (answered by stanbon)

Please Help me with this word problem. This is my last assignment and I am stuck on... (answered by stanbon)

Mr. Khaild will receive $8,500 a year for the next 15 years from his trust. If a 7... (answered by ikleyn)

These questions have really got me stumped! I dont understand some problems sometimes,... (answered by solver91311)

Help!! I know once you get a) you keep uping the power? The formula for calculating... (answered by jim_thompson5910)