SOLUTION: You invest Php 800 in an account that pays 6% interest, compounded annually. How much money do you have after five years? Round your answers to the nearest cent.

Algebra.Com
Question 1185193: You invest Php 800 in an account that pays 6% interest, compounded annually. How much money do you have after five years? Round your answers to the nearest cent.
Answer by ikleyn(52832)   (Show Source): You can put this solution on YOUR website!
.

Use the formula for compounded account


    Future value =  = .

-----------------

To see many other similar  (and different)  solved problems on compounded interest accounts,  look into the lesson
    - Compounded interest percentage problems
in this site.


Learn the subject from there.



RELATED QUESTIONS

Dalton invest $25,000 in an account that pays 7% compounded annually. How much money... (answered by ikleyn)
An investment account pays 4.2% interest compounded monthly. If you invest $2,500 in the... (answered by nerdybill)
You invest $500 in an account that earns interest at a rate of 8.5% compounded... (answered by Alan3354)
David deposited $10,000 in an account that pays 5 percent interest compounded annually.... (answered by ikleyn,mananth)
You invest $2,000 in an account that is compounded annually at an interest rate of 5%.... (answered by josgarithmetic)
You invest $2,000 in an account that is compounded annually at an interest rate of 5%.... (answered by josgarithmetic)
how much must you deposit in an account that pays 6.25% interest, compounded annually, to (answered by Cromlix)
You deposit $1,600 in a bank account that pays 6% interest compounded annually. What is... (answered by ewatrrr)
If I invest $150.00 in an account for ten years at a 6% interest rate compounded... (answered by solver91311)