Tuesday

September 2, 2014

September 2, 2014

Posted by **Mickey** on Friday, March 12, 2010 at 8:58pm.

- mat 115 -
**Reiny**, Friday, March 12, 2010 at 9:04pmAmount = principal( 1+i)^n

where i is the interest rate per period expressed as a decimal, and n is the number of interest periods

for yours i = .03

n = 5

Amount = 1000(1.03)^5

= ....

- mat 115 -
**Reiny**, Friday, March 12, 2010 at 9:06pmahhh, just read your question again.

I think your are saying that $1000 is deposited EACH year for 5 years

Amount = deposit [1.03^5 - 1]/.03

= 5309.14

**Answer this Question**

**Related Questions**

Math 115 - If $9,000.00 is deposited into an account paying 4% interest ...

Math - Please check my work, thank you If $7,800 is deposited into an account ...

math 115 #17 - If $5,600 is deposited into an account paying 5% interest ...

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 - 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 ...