SOLUTION: a principal of $1000 is invested in an account paying an annual interest rate of 10%. Find the amount in the account after 4 years if the account is compounded annually.
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Question 285577: a principal of $1000 is invested in an account paying an annual interest rate of 10%. Find the amount in the account after 4 years if the account is compounded annually.
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
1,000(1+.10)^4
1,000(1.10)^4
1,000*1.4641=$1,464.10 ans.
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