SOLUTION: A savings certificate of $1700 pays 4.5% annual interest compounded yearly. What is the balance when the certificate matures in 5 years

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Question 871298: A savings certificate of $1700 pays 4.5% annual interest compounded yearly. What is the balance when the certificate matures in 5 years
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi

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

A = Accumulated Amount

P= principal = $1700

r= annual rate = .045

n= periods per year = 1 compounded annually

t= years = 5

A%28t%29+=+1400%281.045%29%5E%285%29