SOLUTION: Suppose that $60,000 is invested at 9% interest. Find the amount of money in the account after 4 years if the interest is compunded annually.

SOLUTION: Suppose that $60,000 is invested at 9% interest. Find the amount of money in the account after 4 years if the interest is compunded annually.

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Question 368210: Suppose that $60,000 is invested at 9% interest. Find the amount of money in the account after 4 years if the interest is compunded annually.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
A = p(1+r/n)^nt
p=60000
r=9% -0.09
n=1
t=4
..
60000*(1+(0.09/1))^4
A= 84,695 ( rounded off)
...
m.ananth@hotmail.ca

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