Question 163368This question is from textbook Prentice Hall Mathematics Algebra 1
: suppose one of your ancestors invested $500 in 1800 in an account paying 4% interest compounded annually.Find the account balance in each of the following years.
a.1850 b.1900 c.2000 d.2100
This question is from textbook Prentice Hall Mathematics Algebra 1
Answer by checkley77(12844)   (Show Source):
You can put this solution on YOUR website! 50 years:
500(1+.04)^50
500(1.04)^50
500*7.11=$3,553.34 Answer.
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100 years:
500(1+.04)^100
500(1.04)^100
500*50.5=$25,252.47 Answer.
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200 years
500(1+.04)^200
500(1.04)^200
500*22550.7=$1,275,375 Answer.
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300 years
500(1+.04)^300
500(1.04)^300
500*128,825=$64,412,743 Answer.
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