algebra II

Barry Newman's savings account has a balance of $2707. After 4 years, what will the amount of interest be at 5% compounded annually?

  1. 👍
  2. 👎
  3. 👁
  1. 2707 * 1.05 = 2842.35 > end of year 1

    2842.35 * 1.05 = 2984.4675 > end of year 2

    Take it from there.

    1. 👍
    2. 👎
    👤
    Ms. Sue

Respond to this Question

First Name

Your Response

Similar Questions

  1. math

    1. Jaymie opened a savings account with 595.25. every week she withdrawals 27.50 from her account. steve opened a savings account with 147.25. every week he deposits 23.70 into his account. in about how many weeks will their

  2. Math

    Jeremiah opened a savings account with a one time deposit of $500. His savings account will pay a 5% simple interest per year. His brother Brian opened another savings account with a one time deposit of $200. Brian’s savings

  3. I NEED HELP :(

    Mr. Malone is putting money in two savings accounts. Account A started with $200 and Account B started with $300. Mr. Malone deposits $15 in Account A and $10 in Account B each month. In how many months will the accounts have the

  4. Math

    1. When their child was born, Elaine and Mike Porter deposited $5,000 in a savings account. The money ears interest at 6 percent compounded quarterly. How much will the account be worth when their child celebrates her second

  1. Math - Algebra 1

    You deposit $9000 in a savings account that earns 3.6% annual interest compounded monthly. You also save $40 per month in a safe at home. Write a function C(t) = b(t) + h(t) where b(t) represents the balance of your savings

  2. 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

  3. math

    John Lee's savings account has a balance of $3427. After 9 months, what will the amount of interest be at 4.6% per year?

  4. Algebra( check my answers)

    1. Juan deposited $200 in a savings account earning 3% interest over 2 years. What was the total amount of interest earned after 2 years? $12 $24 $120 ( my answer) $240 2. Mary borrowed $11,000 at 5% interest for 4 years. What was

  1. mosinee

    Jane Hilman went to her bank. She had a balance of $1,009.88 in her savings account. She withdrew $130.00 and the teller credited her account with $6.19. What is her new balance?

  2. Math

    A savings account earns 5% simple interest per year. The principal is $1200. What is the balance after 4 years?

  3. compound interest

    At the beginning of every year, Molly deposits $200 in a savings account that offers an interest rate of 20%, compounded annually. The total amount that Molly will have in her account at the end of 3 years is

  4. Math

    the amount of simple interest earned in a savings account varies directly with the amount of money in the savings account with the amount of money in the account. A certain bank offers a 2% savings rate write a direct variation

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