SOLUTION: A STUDENT DEPOSIT 1500.00 IN A 9% ACCOUNT TODAY HE INTENDS TO DEPOSIT ANOTHER 3000.00 AT THE END OF TWO YEARS. HE PLAN TO PURCHASE IN 5 YEARS HIS FAVORITE SHOES WORTH OF 5000.00. C

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 Question 633352: A STUDENT DEPOSIT 1500.00 IN A 9% ACCOUNT TODAY HE INTENDS TO DEPOSIT ANOTHER 3000.00 AT THE END OF TWO YEARS. HE PLAN TO PURCHASE IN 5 YEARS HIS FAVORITE SHOES WORTH OF 5000.00. CALCULATE THE MONEY THAT WILL BE LEFT IN HIS ACCOUNT ONE YEAR AFTER THE PURCHASEFound 2 solutions by mananth, rfer:Answer by mananth(12270)   (Show Source): You can put this solution on YOUR website!\$1500 ---- 5 years--------9% =1500*5*0.09= 675 \$3000-3years - 9% 3000*3*0.09=810 Total interest earned = 810+675= 1485 Total in bank after 5 years = 5000+1485= 6485 Less cost of shoes \$5000 =1485. he will earn 9% on 1485 for 1 year Interest= 1485*0.09*1 =133.65 Money in Bank after 6 years = 1080 + 133.65=1177.20 =\$1213.65 Answer by rfer(12676)   (Show Source): You can put this solution on YOUR website!A=1500(1.09)^2 A=1782.15 ----------- A=(1782.15+3000)(1.09)^3 A=4782.15(1.295) A=6193 -------------------- a=6193-5000=1193 A=1193(1.09) A=\$1300.37