SOLUTION: If you put $5,000 each year into a savings account that pays interest at the rate of 4% a year, how much would you have after 5 years?

Question 624529: If you put $5,000 each year into a savings account that pays interest at the rate of 4% a year, how much would you have after 5 years?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi,previouslyy Posted

 In General 

A = Accumulated Amount

P= principal =  5000

r= annual rate = .04

n= periods per year = 1

t= years =5

 

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