math

posted by .

Starting from today, every month you save $500 into a bank account with earns interest at an annual rate of 4%. How much money do you have in the account at the end of 4 years?

  • math -

    500. x 12 = 6,000. + 4% (240.)
    500. x 24 = 12,000. + 4% (480.)
    500. x 36 = 18,000. + 4% (720.)
    500. x 48 = 24,000. + 4% (960.)

    Yr 1 = 6,000. + 240. = 6,240.00
    Yr 2 = 12,000. + 480. = 12,480.00
    Yr 3 = 18,000. + 720. = 18,720.00
    Yr 4 + 24,000. + 960. = 24,960.00

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. 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?
  2. Finite Mathematics

    Jessica wants to accumulate $14,000 by the end of 5 yr in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the month over …
  3. Math

    Sam gets deposits a total of $3500 every three months to the bank which earns a 6.5% p/a. After five years how much will he have in his account?
  4. math

    I have been staring at this problem forever, and cant seem to dig it up in my book. Please help! Two competing bank are trying to attract customers. (a) Ally Bank has an account which earns 25% interest every 10 years. Assuming the …
  5. Math

    If you deposit P dollars into a bank account paying an annual interest rate r, with n interest payments each year, the amount A you would have after t years is A=P(1+r/n)^nt. Kevin places $100 in a savings account earning 6% annual …
  6. Finite Math and Applied Calculus

    Betty Sue sets up a retirement account. For the first 35 years, she deposits $500 at the end of each month into an account with an annual interest rate of 3.6%, compounded monthly. Then, she stops making monthly payments and transfers …
  7. math

    Starting from today, every month you save $500 into a bank account with earns interest at an annual rate of 4%. How much money do you have in the account at the end of 4 years?
  8. Math help

    Samantha finds a bank, Star Bank, which offers a CD account with a 2% interest rate every month. Star Bank’s interest is not compounded. The interest is based on the original amount of deposit. Remember that Samantha has $500 to …
  9. math

    Rochelle deposits $350 in an account that earns 6% annual interest, compounded quarterly. How much money will be in the account in 8 years?
  10. mathmatics

    4. Annie finds another bank, Star Bank, that offers a CD account with a 2% interest rate every month. Star Bank's interest is not compounded. The interest is based on the original amount of deposit. Remember that Annie has $500 to …

More Similar Questions