mat 115

posted by .

If $1,000.00 is deposited into an account paying 3% interest compounded annually (at the end of each year), how much money is in the account after 5 years? (Round to the nearest cent.) I cannot remeber the formula for this problem can you help

  • mat 115 -

    Amount = 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 -

    ahhh, 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

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    If $3,000.00 is deposited into an account paying 4% interest compounded annually (at the end of each year), how much money is in the account after 2 years?
  2. Math

    Please check my work, thank you If $7,800 is deposited into an account paying 6% interest compounded annually (at the end of each year), how much money is in the account after 2 years?
  3. Math

    If $3,000.00 is deposited into an account paying 3% interest compounded annually (at the end of each year), how much money is in the account after 4 years?
  4. math

    If $7,800 is deposited into an account paying 6% interest compounded annually at the end of each year, how much money is in the account after 2 years?
  5. math

    If $7,800 is deposited into an account paying 6% interest compounded annually (at the end of each year), how much money is in the account after 2 years?
  6. math 115 #17

    If $5,600 is deposited into an account paying 5% interest compounded annually (at the end of each year), how much money is in the account after 3 years?
  7. Math 115

    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?
  8. math

    If $3,000.00 is deposited into an account paying 3% interest compounded annually (at the end of each year), how much money is in the account after 4 years?
  9. math115

    Steve was charged $75.00 interest for 1 month on a $3,000 credit card balance. What was the monthly interest rate?
  10. math

    If $3,000.00 is deposited into an account paying 3% interest compounded annually (at the end of each year), how much money is in the account after 4 years?

More Similar Questions