SOLUTION: if I put $500 in a savings account earning 4% interest over 5 years. what's the total amount of money earned in interest???

SOLUTION: if I put $500 in a savings account earning 4% interest over 5 years. what's the total amount of money earned in interest???

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Question 838706: if I put $500 in a savings account earning 4% interest over 5 years. what's the total amount of money earned in interest???
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=500(1.04)^5
FV=500(1.22)
FV=608.32
--------
interest earned
608.32-500=108.32
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