math

If $3,000.00 is deposited into an account paying 3% interest compounded annually (at the end of each year), how much money is in the account after 4 years? (Round to the nearest cent.)

  1. 👍 0
  2. 👎 0
  3. 👁 90
asked by Sawa
  1. The compound interest formula is
    Amount = P(1+r)n
    where
    P=principal,
    r=rate of interest per period (year in this case). 5% per annum is written as 0.05
    n=number of periods money is deposited.

    For example,
    $3000 deposited at 5% per annum for 2 years will yield, when compounded yearly:
    Amount=3000*(1+0.05)2
    =$3307.50

    For 3000 invested at 3% interest compounded yearly for 4 years will yield an amount less than $3400 and in which the amount after the decimal point is $33--.53.

    1. 👍 0
    2. 👎 0
    posted by MathMate
  2. Principal is $5,000, rate if interest is 6.5%, and time to repayment is 3 years. Compute the compound interest

    1. 👍 0
    2. 👎 0
    posted by Jasmane

Respond to this Question

First Name

Your Response

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? A=$8,268.00 Rewrite the statement, using

    asked by Terry B on April 6, 2008
  2. Math

    If $3,000.00 is deposited into an account paying 3% interest compounded annually (at the end of each year), how much money is in the account after 4 years? (Round to the nearest cent.)

    asked by Jennifer on May 26, 2008
  3. Math 115

    If $9,000.00 is deposited into an account paying 4% interest compounded annually (at the end of each year), how much money is in the account after 5 years? (Round to the nearest cent.)

    asked by Julie on March 14, 2009
  4. math

    If $3,000.00 is deposited into an account paying 3% interest compounded annually (at the end of each year), how much money is in the account after 4 years? (Round to the nearest cent.)

    asked by Jean on July 25, 2009
  5. math

    If $3,000.00 is deposited into an account paying 4% interest compounded annually (at the end of each year), how much money is in the account after 2 years? (Round to the nearest cent.) A)

    asked by sandy on August 19, 2007
  6. mat 115

    If $1,000.00 is deposited into an account paying 3% interest compounded annually (at the end of each year), how much money is in the account after 5 years? (Round to the nearest cent.) I cannot remeber the formula for this problem

    asked by Mickey on March 12, 2010
  7. math

    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?

    asked by Ann on July 31, 2008
  8. math

    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?

    asked by S Davis on August 23, 2008
  9. math115

    Ms. Jefferson has been given a loan of $20,000 for 1 year. If the interest charged is $800, what is the interest rate on the loan?4% 2.A saleswoman is working on a 6% commission basis. If she wants to make $2,400 in one month, how

    asked by callie on October 3, 2009
  10. 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

    asked by Sylvie on February 3, 2013

More Similar Questions