SOLUTION: Don put $4,000 in a savings account with an interest rate of 5% for three years. If the interest is compounded annually, how much money will he have at the end of the three years?

SOLUTION: Don put $4,000 in a savings account with an interest rate of 5% for three years. If the interest is compounded annually, how much money will he have at the end of the three years?

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Question 714897: Don put $4,000 in a savings account with an interest rate of 5% for three years. If the interest is compounded annually, how much money will he have at the end of the three years?
Answer by checkley79(3341) (Show Source): You can put this solution on YOUR website!
4000(1+.05)^3
4000*1.05^3
4000*1.1576=$4,630.50 ans.
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