SOLUTION: how much will you have in a savings account if you deposit $4000 for 8 years at 5% interest compounded annually?

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Question 486363: how much will you have in a savings account if you deposit $4000 for 8 years at 5% interest compounded annually?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Principal P = 4000
Amount= A
years=n 8.00
compounded 1 times a year t
Rate = 5.00 0.05
Amount = P*((n+r)/n)^n*t

Amount = = 4000 *( 1 + 0.05 )^ 8 * 1
Amount = 4000 *( 1 + 0.05 )^ 8
4000 *( 1.05 )^ 8
Amount = 5909.82
m.ananth@hotmail.ca