pre algebra

posted by .

At the beginning of the year 2000, Bob put $100 in a savings account. The bank pays Bob 5% interest on his total savings at the end of each year including all interest added to the account. Assume the interest rate continues and Bob does not deposit any additional money in the account. How much will he have in his savings account, to the nearest cent, after 5 interest payments?

  • pre algebra -

    P = Po(1+r)^n
    P = 100(1+0.05)^5
    P = 100(1.05)^5 = $127.63.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. arithmetic

    Amelia's parents and grand parents have both opened savings accounts to save for Amelia's education this year. Amelia's parents' savings account earned 5% interest and her grandparents account earned 8% interest. This year the two …
  2. algebra

    Amelia's parents and grand parents have both opened savings accounts to save for Amelia's education this year. Amelia's parents' savings account earned 5% interest and her grandparents account earned 8% interest. This year the two …
  3. math

    Mr. Jones grosses $800 per week. He has 6% automatically deposited into his savings account. At the end of the year 3% is added to the account. How much will he have in his savings account at the end of the first year after the interest …
  4. math

    Mr. Jones grosses $500 per week. He has 6% automatically deposited into his savings account. At the end of the year 2% is added to the account. How much will he have in his savings account at the end of the first year after the interest …
  5. math

    lolita kept $200 in her savings account for a year, the bank pays 6 1/2% interest per year. how much interest did she receive at the end of the 1 year.
  6. MATH

    LOLITA KEPT $200 IN HER SAVINGS ACCOUNT FOR A YEAR. THE BANK PAYS 6 1\2% INTEREST PER YEAR. HOW MUCH INTEREST DID SHE RECEIVE AT THE END OF 1 YEAR
  7. pre-algebra

    You split $1500 between two savings accounts. Account A pays annual 5% interest and Account B pays 4% annual interest. After one year,you have earned a total of $69.50 in interest. How much money did you invest in each account?
  8. differential equation

    If P(t) is the amount of dollars in a savings bank account that pays a yearly interest rate of r% compounded continuously ,then dP/dt=(r/100)(P) , t in years . Assume the interest is 5% annually ,P(0)=$1000 ,and no monies are withdrawn …
  9. Math Personal Finance

    Assume we invest $2000 for one year in a savings account that pays an APR (Annual Percentage Rate) of 10% compounded quarterly. Calculate the interest and compound it by hand each quarter rather than using the compound interest formula. …
  10. math

    Malinda has a savings account set up so that her monthly interest -0.1% of the balance of her savings accounts is given to her as a check at the end of each month. If her savings account has a balance of $1,500 all year. What will …

More Similar Questions