SOLUTION: An amount of $1,000 is deposited into a bank account that pays 4% interest compounded once a year. If there are no other withdrawals or deposits, what will be the balance of the ac

Question 1141395: An amount of $1,000 is deposited into a bank account that pays 4% interest compounded once a year. If there are no other withdrawals or deposits, what will be the balance of the account after 3 years? Round your answer to the nearest cent. *
10 points
Answer by greenestamps(13195) (Show Source): You can put this solution on YOUR website!

Compound interest formula:

Use a calculator and round as directed.
RELATED QUESTIONS
An amount of $1,000 is deposited into a bank account that pays 4% interest compounded... (answered by mananth)

An amount of $1,000 is deposited into a bank account that pays 4% interest compounded... (answered by greenestamps)

if $1,00 is deposited in a bank account that pays 4% interest compounded annually, what... (answered by dyakobovitch)

If you need $20,000 six years from now, what is the minimum amount of money you need to... (answered by Theo)

If a bank pays 4% annual interest, compounded daily, what is the value of $750 deposited... (answered by Alan3354)

Assume that on January 1st of this year you deposited $1,000 into a savings account that... (answered by checkley77)

Suppose $50,000 is divided into two bank accounts. One account pays 4% simple interest... (answered by addingup,josmiceli)

Mr Jake deposited an amount of 10 000 in a bank that pays 4% annual interest compound... (answered by jorel1380)

Hello, I would like someone to check if I did this correctly please! Given: Bank A is... (answered by richwmiller)