SOLUTION: I'm drawing a total blank on how to do this. Could someone help me and explain it. Thank you for your help. I can't remember how to figure compound interest. On your birthday, y

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: I'm drawing a total blank on how to do this. Could someone help me and explain it. Thank you for your help. I can't remember how to figure compound interest. On your birthday, y      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 616623: I'm drawing a total blank on how to do this. Could someone help me and explain it. Thank you for your help. I can't remember how to figure compound interest.
On your birthday, you deposit $600.00 in an account that pays 5% interest, compounded annually. How much is in the account 9 years later?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi, 

In General A+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount

P= principal = 600

r= annual rate = .05

n= periods per year = 1

t= years = 9

 A = 600(1.05)^9