SOLUTION: If $5000 is deposited in an account paying 6% compounded annually how much will you have in the account in 4 years? A=P(1+r/n)^nt

Question 735658: If $5000 is deposited in an account paying 6% compounded annually how much will you have in the account in 4 years?
A=P(1+r/n)^nt
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
If $5000 is deposited in an account paying 6% compounded annually how much will you have in the account in 4 years?
A=P(1+r/n)^(nt)
.
Where
A is amount after time t (what we're looking for)
P is initial amount (5000)
r is rate (.06)
n is times compounded in a year (1)
t is number of years (4)
.
A=P(1+r/n)^(nt)
A=5000(1+.06/1)^(1*4)
A=5000(1+.06)^4
A=5000(1.06)^4
A=5000(1.26247696)
A = $6312.38

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