SOLUTION: If you place 8,400 in an account that earns 5 1/2 percent interest paid once a year how much money would be in the account at the end of four years assuming you made no withdrawls

Question 336603: If you place 8,400 in an account that earns 5 1/2 percent interest paid once a year how much money would be in the account at the end of four years assuming you made no withdrawls from the account.
Answer by nyc_function(2741) (Show Source): You can put this solution on YOUR website!
P = the principal (the initial amount you borrow or deposit)
r = the annual rate of interest (percentage)
n = the number of years the amount is deposited or borrowed for.
A = the amount of money accumulated after n years, including interest.
A = P(1 + r)^n
A = 8400(1 + 0.055)^4
A = 8400(1.055)^4
A = 8400(1.238824651)
A = 10,406.12707
The amount of money, assuming no withdrawals, after 4 years is $10,406 to the nearest unit.

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