SOLUTION: Don put $5,000 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?
Algebra.Com
Question 828832: Don put $5,000 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 mananth(16946) (Show Source): You can put this solution on YOUR website!
Amount A = P(1+r)^n
r=5%=0.05
P=5000
A= accrued amount
A=5000*(1+0.05)^3
5788.13
RELATED QUESTIONS
Don put $4,000 in a savings account with an interest rate of 5% for three years. If the... (answered by checkley79)
A savings account with $2250 has an interest rate of 5%. If the interest is compounded... (answered by rfer)
A bank features a savings account that has an annual percentage rate of 5.9 % with... (answered by Boreal)
Layla has $30 in a savings account. The interest rate is 5%, compounded annually.
To... (answered by Boreal,MathTherapy,Alan3354)
If $24,000 is invested in an account for 30 years. Calculate the total interest earned at (answered by ikleyn)
1. Ellen has $8000 to invest in an RESP (Registered Education Savings Plan) for 7 years.... (answered by josmiceli)
If you put $4,000 in a savings account that pays interest at the rate of 4%, compounded... (answered by rfer)
A bank features a savings account that has an annual percentage rate of 3.5 % with... (answered by Boreal)
Suppose that a savings account pays an effective rate of interest of 9 percent. What is... (answered by ankor@dixie-net.com)