If you deposit $5,000 in a bank account that pays 4% interest annually, how much will be in your account after 5 years? round your answer to the nearest cent.

ANSWERS

2016-04-09 20:40:46

The formula is A=p (1+r)^t A future value? P present value 5000 R interest rate 0.04 T time 5years A=5,000×(1+0.04)^(5) A=6,083.26

ADD ANSWER