SOLUTION: Use the compound interest formula to compute the balance in the following account after the stated period of time, assuming interest is compounded annually. $5000 invested at an AP

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Question 620116: Use the compound interest formula to compute the balance in the following account after the stated period of time, assuming interest is compounded annually. $5000 invested at an APR of 4.5% for 11 years. What is the balance in account after 11 years?
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 = 5000

r= annual rate = .045

n= periods per year = 1

t= years = 11

A+=+5000%281.045%29%5E%2811%29