SOLUTION: a guy leaves �18,000 in the bank for 6 years!, he get 5% interest every year? what is the answer to this? with one calculation.

Question 620216: a guy leaves �18,000 in the bank for 6 years!, he get 5% interest every year? what is the answer to this? with one calculation.
Found 2 solutions by solver91311, Alan3354:
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

What is the answer to what? You put your question mark after "he gets 5% interest every year" I have no idea whether that is true or not. Does he get 5% per annum? You tell me. Do you want to know the total amount in the account or the amount of interest earned, and at the end of how much time?

John

My calculator said it, I believe it, that settles it

Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
a guy leaves �18,000 in the bank for 6 years!, he get 5% interest every year? what is the answer to this?
The answer depends on the question.
---------------------
with one calculation.
============
If you want to know the balance, and if it's compounded annually (other options can be used):
FV = PV*(1 + 0.5)^6
FV = 18000*(1.05)^6
FV =~ 24121.72
RELATED QUESTIONS
If you borrowed 10, 000 pesos from a bank with 18% interest per annum, what is the total... (answered by ikleyn)
1. Wen Seng operates an ice cream shop. He is trying to decide whether to expand his... (answered by ikleyn)
Complete the following table, which shows the monthly payments on a $100,000, 30-year... (answered by Theo)
Tim has a savings account with the bank. The bank pays him 1% per year. He has $6,000 and (answered by Solver92311)
WORKSHEET 2 Interest Simple Interest Simple Discount Compound Interest Solve for... (answered by ikleyn)
a farmer needs $250 000 to purchase a 10-ton trailer. The bank approves the loan for the (answered by addingup)
Todd wants to start a business in 3 years. He figures that he will need $10 000 to start. (answered by josgarithmetic)
Jim invested $1000 in a bank savings account. The bank pays him 5% annually, that is,... (answered by checkley77)
Mr. X has planned to deposit Tk 500,000 with a bank @ 12% interest for 10 years.... (answered by ikleyn)