SOLUTION: Suppose $4000 is invested in an account paying 5% interest compounded annually (once a year).
Write an equation to model the value of this investment.
Find the balance in the acc
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-> SOLUTION: Suppose $4000 is invested in an account paying 5% interest compounded annually (once a year).
Write an equation to model the value of this investment.
Find the balance in the acc
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Question 612485: Suppose $4000 is invested in an account paying 5% interest compounded annually (once a year).
Write an equation to model the value of this investment.
Find the balance in the account after 6 years. Round your answer to the nearest penny. Answer by ewatrrr(24785) (Show Source):
Hi,
$4000 is invested in an account paying 5% interest compounded annually
In General
A = Accumulated Amount
P= principal = 4000
r= annual rate = .05
n= periods per year = 1
t= years =
Find the balance in the account after 6 years.
