SOLUTION: P​ = ​$7000​, r​ = 4​%, t​ = 5 years

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: P​ = ​$7000​, r​ = 4​%, t​ = 5 years      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1095494: P​ = ​$7000​, r​ = 4​%, t​ = 5 years
Answer by ikleyn(52884) About Me  (Show Source):
You can put this solution on YOUR website!
.
If the interest is compounded annually/yearly at the rate of 4%, then in 5 years you will be a happy owner of the amount

7000*(1+0,04)^5 = 7000*1.04^5 = 8516.57 dollars

on your account.