# algebra 1

posted by .

on january 1,1997 you deposit \$200.00 in a bank account paying 5% interest compunded annually on december 31 of each year. which of the following will be the account balance on january 1,2005

• algebra 1 -

P = Po(1+r)^n.

Po = \$200.00

r = (5%/100%) = 0.05 = Annual % rate
expressed as a decimal.

n = 1Comp/yr * 8yrs = 8 Compounding
periods.

Plug the above values into the given Eq and get:

P = \$295.49.

## Similar Questions

1. ### Math

Suppose your parents deposited \$1500 in an account paying 3.5% interest compunded annually(once a year) when you ere born. Find the account balance after 18 years. So how do you plug all this information into this formula: B=p(1+r)^x?
2. ### Math

Suppose your parents deposited \$1500 in an account paying 3.5% interest compunded annually(once a year) when you ere born. Find the account balance after 18 years. So how do you plug all this information into this formula: B=p(1+r)^x?
3. ### math

Eliza Savage received a statement from her bank showing a checking account balance of \$324.18 as of January 18. Her own checkbook shows a balance of \$487.38 as of January 29. The bank returned all of the cancelled checks but three. …
4. ### algebra 1

on january 1,1997 you deposit \$200.00 in a bank account paying 5% interest compunded annually on december 31 of each year. which of the following will be the account balance on january 1,2005
5. ### Math help!

Annual deposits of \$3150 are made into a bank account earning 4 % interest per year. (a) What is the balance in the account right after the 15th deposit if interest is calculated annually?
6. ### Math

From January 1, 2000 to December 31, 2004, First Bank paid 5% interest, compounded monthly. On January 1, 2005, they lowered their rate to 3% interest, compounded monthly. I deposited \$100 at the end of each month beginning in January, …
7. ### algebra 1

In February, you have a balance of \$80 in your bank account. Each month you deposit \$20. Let January = 1, February = 2, and so on. Write an equation for this situation. Use the equation to find the balance in December. y = 20(x – …
8. ### Maths

On the 1st of January 2014, Carol invested some money in a bank account. The account pays 2.5% compound interest per year. On the 1st of January 2015, Carol withdrew £1000 from the account. On the 1st of January 2016, she had £23 …
9. ### math

On the 1st of January 2014, Carol invested some money in a bank account.  The account pays 2.5% compound interest per year.  On the 1st of January 2015, Carol withdrew £1000 from the account.  On the 1st of January 2016, she had …
10. ### math

Suppose you deposit \$275.00 in your savings account on December 31. Your bank pays 3 percent annual interest on savings accounts. If you do not deposit any more money into the account, what would be the balance on December 31 of the …

More Similar Questions