# mat 115

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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 -

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

Amount = deposit [1.03^5 - 1]/.03
= 5309.14

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