SOLUTION: What is amount of interest I earned on $4,000 deposited in a savings account with 4% interest compounded annually after 4 years? Give answer in US dollars and cents, rounded to

Algebra ->  Finance -> SOLUTION: What is amount of interest I earned on $4,000 deposited in a savings account with 4% interest compounded annually after 4 years? Give answer in US dollars and cents, rounded to       Log On


   

Question 1107892: What is amount of interest I earned on $4,000 deposited in a savings account with 4% interest compounded annually after 4 years?
Give answer in US dollars and cents, rounded to the nearest cent. Do NOT enter "$" sign
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
FV=4000(1.04)^4
FV=4000*1.169858
FV=4679.43
4679.43-4000=679.43