SOLUTION: If you put $4,000 in a savings account that pays interest at the rate of 6 percent, compounded annually, A how much will you have in three years? B. how much interest will yo

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: If you put $4,000 in a savings account that pays interest at the rate of 6 percent, compounded annually, A how much will you have in three years? B. how much interest will yo      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1145495: If you put $4,000 in a savings account that pays interest at the rate of 6 percent, compounded annually,
A how much will you have in three years?
B. how much interest will you earn during the three years?
C. If you put $4,000 at the end of each year into a savings account that pays interest at the rate of 6 percent a year, how much would you have after three years?
Answer by ikleyn(52775) About Me  (Show Source):
You can put this solution on YOUR website!
.

(A)  Future value = 4000%2A%281%2B0.06%29%5E3 = 4000%2A1.06%5E3 = 4764.06 dollars.


(B)  Interest in three years = 4764.06-4000 = 764.06  dollars.


---------------

If  (C)  is self-standing separate problem,  then why do you post two separate problems in this post ?


The rule of this forum is

        ONE and ONLY ONE problem per post.


Those who violate this rule,  work against their own interests.