SOLUTION: Eric deposited $4000 into an account with 2.4% interest, compounded annually. Assuming that no withdrawals are made, how much will he have in the account after 10 years? Do

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: Eric deposited $4000 into an account with 2.4% interest, compounded annually. Assuming that no withdrawals are made, how much will he have in the account after 10 years? Do      Log On


   

Question 346207:
Eric deposited $4000 into an account with 2.4% interest, compounded annually. Assuming that no withdrawals are made, how much will he have in the account after 10 years?
Do not round any intermediate computations, and round your answer to the nearest cent.












Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
F=P%281%2Bi%29%5Et
F=4000%281%2B2.4%2F100%29%5E10
F=4000%281.024%29%5E10
F=4000%281.267651%29
F=5070.60
There will be $5070.60 in the account.