SOLUTION: The formula A = P(1+r)^t can be used to relate the future value A of a deposit of P dollars in an account that earns an annual interest rate r (expressed as a decimal) after t year
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Question 1083788: The formula A = P(1+r)^t can be used to relate the future value A of a deposit of P dollars in an account that earns an annual interest rate r (expressed as a decimal) after t years.
a. Solve the formula for P.
b. How much would you have to deposit today in order to have $5000 in 5 years in a bank account that pays 5% annual interest? Answer by Boreal(15235) (Show Source):
