SOLUTION: If you put $5,000 in a savings account that pays interest at a rate of 4%, compunded anuually, how much will you have in 5 years?

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Question 624527: If you put $5,000 in a savings account that pays interest at a rate of 4%, compunded anuually, how much will you have in 5 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 = .04

n= periods per year = 1

t= years =5

A+=+5000%281.04%29%5E5