SOLUTION: If 5,600 is deposited into an account paying 5% interest compounded annually, (at the end of each year), how much money is in the account after 3 years? I tried different ways t

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Question 117877: If 5,600 is deposited into an account paying 5% interest compounded annually, (at the end of each year), how much money is in the account after 3 years?
I tried different ways to do this too...help me please. i am so lost.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
If 5,600 is deposited into an account paying 5% interest compounded annually, (at the end of each year), how much money is in the account after 3 years?
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A(t) = P(1+r/n)^(nt)
Your Problem:
P = 5600
r = 0.05
n = 1
t = 3
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A(3) = 5600(1.05)^(3)
A(3) = $6482.70
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Cheers,
Stan H.