SOLUTION: If you had $8,400 placed in an account that earned 5 ½ percent interest, paid just once a year, how much money would be in the account at the end of four years, assuming you made n
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Question 518389: If you had $8,400 placed in an account that earned 5 ½ percent interest, paid just once a year, how much money would be in the account at the end of four years, assuming you made no withdrawals of any kind from the account? Answer by godeapurva(7) (Show Source):
You can put this solution on YOUR website! Principal= $8,400
Rate of interest = 5 ½ % = 5.5%
Years = 4
Simple interest = P*N*R/100
Where P= Principal, N=Years & R= Rate of interest
Thus 8400*5.5*4/100
= 1848
Thus the amount to be present in the account after 4 years = P+ SI
= 8400 + 1848
= 10248 $
