mat 115
posted by Mickey .
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 
Reiny
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 
Reiny
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
Similar Questions

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? 
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? 
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? 
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? 
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? 
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? 
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? 
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? 
math115
Steve was charged $75.00 interest for 1 month on a $3,000 credit card balance. What was the monthly interest rate? 
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?