SOLUTION: Jill wants to save to buy a car. She decides to open a banking account that is offering a simple interest rate of 4.5% annually. How much will Jill have in her account after 5 year

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Question 1041415: Jill wants to save to buy a car. She decides to open a banking account that is offering a simple interest rate of 4.5% annually. How much will Jill have in her account after 5 years if she deposits $7,000 today?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Jill wants to save to buy a car. She decides to open a banking account that is offering a simple interest rate of 4.5% annually. How much will Jill have in her account after 5 years if she deposits $7,000 today?
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A(t) = P(1 + r*t)
A(5) = 7000(1+0.045*5)
A(5) = $8575
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Cheers,
Stan H.
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