Question 384832: If $9,000.00 is deposited into an account paying 4% interest compounded annually (at the end of each year), how much money is in the account after 5 years? (Round to the nearest cent.)
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! If $9,000.00 is deposited into an account paying 4% interest compounded annually (at the end of each year), how much money is in the account after 5 years? (Round to the nearest cent.)
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A(t) = P(1+(r/n))^(nt)
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A(5) = 9,000,000(1+(0.04/1))^(1*5)
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A(5) = 9,000,000(1.04)^5 = $10,949,876.12
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Cheers,
Stan H.
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