math
posted by frank .
Suppose that $20000 is invested at 7% interest compounded annually. Find that amount of money in the account after 1 year?
need it broken down in algebra

check your compound interest formula:
A = P(1+r/n)^(nt)
A = 20000 (1 + 0.07/1)^(1*1) = 1400
Respond to this Question
Similar Questions

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? 
Algebra
Suppose that P dollars are invested in a savings account at interest rate I, compounded annually, for 2 years. The amount A in the account after 2 years is given by A = P(1 + i)^2. Find an equivalent polynomial expression for A. Please … 
Math
If 3000 dollars is invested in a bank account at an interest rate of 6 per cent per year, find the amount in the bank after 12 years if interest is compounded annually Find the amount in the bank after 12 years if interest is compounded … 
Calculus :)
If 8000 dollars is invested in a bank account at an interest rate of 10 per cent per year, find the amount in the bank after 11 years if interest is compounded annually ____ Find the amount in the bank after 11 years if interest is … 
Compound interest
Hello My teacher skipped over this and I have no clue how to do this or the equations. Help would be wonderful thank you If 6000 dollars is invested in a bank account at an interest rate of 10 per cent per year, find the amount in … 
Algebra
Show how you substitute the values into the formula, then use your calculator. *Use A = P(1+r/n)nt to find the amount of money in an account after t years, compounded n times per year. *Use I = Prt to find the amount of simple interest … 
algebra
suppose you invest a certain amount of money n an account that pays 11% interest annually, and 4000 more than that in an account that pays 12% annually, How much money do you have in each account id the total interest for a year is … 
Calculus Please help!
If 7000 dollars is invested in a bank account at an interest rate of 7 per cent per year. A) Find the amount in the bank after 6 years if interest is compounded annually? 
Algebra ASAP
Suppose that $17,000 is invested in a savings account paying 5.1% interest per year. (a) Write the formula for the amount A in the account after t years if interest is compounded monthly. A(t) = (b) Find the amount in the account after … 
algebra
Compound interest word problem. Suppose JJ has $1000 that he invests in an account that pays 3.5% interest compounded quarterly. How much money does JJ have at the end of 5 years?