document.write( "Question 459561: 7000 in bank account at 4.5% interest compounded annually how much money will be in the account after 6 years \n" ); document.write( "
Algebra.Com's Answer #315122 by Jstrasner(112)\"\" \"About 
You can put this solution on YOUR website!
Hey,\r
\n" ); document.write( "\n" ); document.write( "So compound interest means that every year,, interest is made off of the money in the bank regardless if it has increased because of previous interest. This may be confusing so here is the problem:\r
\n" ); document.write( "\n" ); document.write( "1st year:
\n" ); document.write( "7000 x .045 = 315
\n" ); document.write( "so at the end of the first year there is $7315 in the bank.
\n" ); document.write( "2nd year:
\n" ); document.write( "7315 x .045 = 329.175
\n" ); document.write( "so at the end of the second year there is $7644.175 in the bank.
\n" ); document.write( "3rd year:
\n" ); document.write( "7664.175 x .045 = 343.987875
\n" ); document.write( "so at the end of the third year there is $8008.162875 in the bank.
\n" ); document.write( "4th year:
\n" ); document.write( "8008.162875 x .045 = 360.367329375
\n" ); document.write( "so at the end of the fourth year there is $8368.530204375 in the bank.
\n" ); document.write( "5th year:
\n" ); document.write( "8368.530204375 x .045 = 376.583859196875
\n" ); document.write( "so at the end of the fifth year there is $8745.114063571875 in the bank.
\n" ); document.write( "6th year:
\n" ); document.write( "8745.114063571875 x .045 = 393.530132860734375
\n" ); document.write( "So at the end of 6 years there is $9138.644196432609375 in the account.
\n" ); document.write( "you should probably simplify the answer:
\n" ); document.write( "$ 9138.64
\n" ); document.write( "I hope this help! \n" ); document.write( "
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