Thursday

October 2, 2014

October 2, 2014

Posted by **Monique** on Sunday, December 28, 2008 at 6:11pm.

- math -
**Ms. Sue**, Sunday, December 28, 2008 at 6:20pm$1,000 * 0.06 = $60.00

$1,000 + 60 = 1,060 >> end of year 1

$1,060 * 0.06 = $63.60

$1,060 + 63.60 = $1,123.60 >> end of year 2

You get the idea, and I'm sure can figure out the rest.

We'll be glad to check your answer.

- math -
**Damon**, Sunday, December 28, 2008 at 7:38pmor

$1,000 * 1.06 * 1.06 * 1.06 * 1.06

= $1,000 * 1.06^4

= $1,262.48

=

- math -
**Ms. Sue**, Sunday, December 28, 2008 at 7:42pmThanks, Damon. I thought there was an easier way of doing this problem, but I didn't know what! I sure learn a lot on this board.

- math -
**Damon**, Sunday, December 28, 2008 at 7:49pm:) I assumed that you were explaining step by step.

- math -
**Jamie**, Tuesday, April 14, 2009 at 4:02pm1262.47

**Answer this Question**

**Related Questions**

Essential Mathematics - Actually calculate the final amount on $1,000 compounded...

Math - Find the amount of money in the account at the end. $1000.00, 4 years, 7...

Math - If 3000 dollars is invested in a bank account at an interest rate of 6 ...

Compound interest - Hello My teacher skipped over this and I have no clue how to...

Calculus Please help! - If 7000 dollars is invested in a bank account at an ...

math - Inflation is running 2% per year when you deposit $1000 in an account ...

Finance - Your Uncle has two alternative inheritence for you. A. You receive ...

math - Jeanette wishes to retire in 30 years at age 55 with retirement savings ...

Pre-Calculus - What is the present value of a $1000 bond which pays $50 a year ...

Mathematics - In the problems 1 to 3, find the present value of the given (...