SOLUTION: A deposit of $5000.00 placed in the bank, increases by 5% each year. a) How much is in the bank at the end of 9 yrs? b) why is the interest rate higher in the 9th. year, as compa

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: A deposit of $5000.00 placed in the bank, increases by 5% each year. a) How much is in the bank at the end of 9 yrs? b) why is the interest rate higher in the 9th. year, as compa      Log On


   

Question 131722: A deposit of $5000.00 placed in the bank, increases by 5% each year.
a) How much is in the bank at the end of 9 yrs?
b) why is the interest rate higher in the 9th. year, as compared to the 2nd. year?
Thank you very much for your help.
Answer by 1016763(1) About Me  (Show Source):
You can put this solution on YOUR website!
A)$5000.00*0.09=450
450*9=4050
4050+5000=9050