SOLUTION: if $6,000 is deposited into a bank account paying 5% compounded, what will be in the account after 4 years? How much interest will be earned during 4 years?

SOLUTION: if $6,000 is deposited into a bank account paying 5% compounded, what will be in the account after 4 years? How much interest will be earned during 4 years?

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Question 365344: if $6,000 is deposited into a bank account paying 5% compounded, what will be in the account after 4 years? How much interest will be earned during 4 years?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
A=p(1+r/n)^nt
A= amount
p=principal= $6000
r= rate of interest =5%
t= 4 years
..
A= 6000(1+0.05)^4
A= 7293.04
7293.04-6000=$1293.04 interest
...
m.ananth@hotmail.ca
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