SOLUTION: Please help me solve this word problem about Simple Interest: $1000 is deposited into an account at the end of each year for 4 years. The money earns 3% compounded annually. D

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Question 1194950: Please help me solve this word problem about Simple Interest:
$1000 is deposited into an account at the end of each year for 4 years. The money earns 3% compounded annually. Determine the value of each deposit at the end of 4 years and the total in this account at that time. (Round your final answers to two decimal places.)(Remember: The compounding periods and the deposit periods are the same for an ordinary annuity.)
deposit 1 $
deposit 2 $
deposit 3 $
deposit 4 $
account total $

Answer by ikleyn(52772) About Me  (Show Source):
You can put this solution on YOUR website!
.

This problem is not on simple interest.

It is a rude mistake and deep delusion to think so.


Hello, you should learn basic terminology before posting your problems -

otherwise, any teaching is counter-productive.