Interest

You deposit $4000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years?

Use n=12 for monthly compounding,n=4 for quarterly compounding,n=2 for semiannual compounding, and n=1 for annual compounding.)

  1. 👍
  2. 👎
  3. 👁
  1. 4000 * [1 + (.05 / 12)]^(5 * 12)

    1. 👍
    2. 👎
  2. 200

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math

    Suppose you deposit $1000 in an account paying 4% annual interest, compounded monthly. How much money will you have after 15 years?

  2. math 107

    You deposit $4000 each year into an account earning 6% interest compounded annually. How much will you have in the account in 30 years?

  3. algebra

    Four different accounts are described below. Order the accounts according to their values after 20 years, from greatest to least. 1.You deposit 1500$ in an account that earns 5% annual interest compounded quarterly. 2. You deposit

  4. Business Finance

    You deposit $300 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 25 years? $ b) How much total money will you put into the account? c) How much total interest will you

  1. College Business

    You deposit $3000 each year into an account earning 7% interest compounded annually. How much will you have in the account in 35 years?

  2. finance

    14. Assume Julian has a choice between two deposit accounts. Account A has an annual percentage rate of 7.55 percent but with interest compounded monthly. Account B has an annual percentage rate of 7.45 percent with interest

  3. 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

  4. Algebra

    You want to have $600,000 when you retire in 20 years. If you can earn 3% interest compounded monthly, how much would you need to deposit now into the account to reach your retirement goal?

  1. alegbra 2

    Earning interest- You deposit $1000 in an account that pays 6% annual interest compounded continuously. Find the balance at the end of 2 years.

  2. Algebra

    you deposit 3500 in an account that pays 4.5% annual interest, compounded monthly. How long will it take for the balance to reach 5000? Use formula A= P[1+(r/n)]^(ny) and use knowledge of logarithms.

  3. Mathematics

    You deposit $300 each month into an account earning 7% interest compounded monthly. How much will you have in the account in 15 years? How much total money will you put into the account? How much total interest will earn?

  4. MATH

    1. An employee put $5,000.00 in a retirement account that offers 9% interest compounded annually. The employee makes no additional deposits or withdrawals. Which amount is closest to the interest the employee will have earned at

You can view more similar questions or ask a new question.