Homework Help: Math 115

Posted by Julie on Saturday, March 14, 2009 at 2:07pm.

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.)

Math 115 - Reiny, Saturday, March 14, 2009 at 2:15pm
direct application of the compound interest formula
Amount = Principal(1 + i)^n

here Principal = 9000
i = .04
n = 5

the rest is button-pushing.

Answer this Question

Related Questions

mat 115 - If $1,000.00 is deposited into an account paying 3% interest ...
Math - Please check my work, thank you If $7,800 is deposited into an account ...
math - If $3,000.00 is deposited into an account paying 3% interest compounded ...
math - If $3,000.00 is deposited into an account paying 3% interest compounded ...
Math - If $3,000.00 is deposited into an account paying 3% interest compounded ...
math - If $3,000.00 is deposited into an account paying 4% interest compounded ...
math 115 #17 - If $5,600 is deposited into an account paying 5% interest ...
math - If $7,800 is deposited into an account paying 6% interest compounded ...
math - If $7,800 is deposited into an account paying 6% interest compounded ...
math115 - Ms. Jefferson has been given a loan of $20,000 for 1 year. If the ...

For Further Reading

First Name:
School Subject:
Answer: