SOLUTION: The formula P(1+r) n to the power gives the balance of a bank account in which P dollars were deposited and left and n years at a compound interest rate of r.Suppose you deposited

Question 834428: The formula P(1+r) n to the power gives the balance of a bank account in which P dollars were deposited and left and n years at a compound interest rate of r.Suppose you deposited $5000 into an account and left it there for 20 years at a compound interest rate of 9.5%, or 0.095.What would the balance be after 20 years?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
The formula P(1+r) n to the power gives the balance of a bank account in which P dollars were deposited and left and n years at a compound interest rate of r.Suppose you deposited $5000 into an account and left it there for 20 years at a compound interest rate of 9.5%, or 0.095.What would the balance be after 20 years?
:
Compounded annually
A = 5000(1.095^20)
A = $30,708.06
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