SOLUTION: Alec invested $1500 in an account with annually compounded interest. The account earns 4% annual interest. How much will Alec have in his account after 4 years? Round to the nea

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Question 1144950: Alec invested $1500 in an account with annually compounded interest. The account earns 4% annual interest. How much will Alec have in his account after 4 years?
Round to the nearest dollar. Do not round until the final step.

Answer by ikleyn(52790) About Me  (Show Source):
You can put this solution on YOUR website!
.

Future value = 1500%2A%281%2B0.04%29%5E4 dollars.


Use your calculator.

See the lesson
    - Compound interest percentage problems
in this site.