Math

Find the future value of \$800 deposited at 5% for 2 years if the account pays simple interest, and the account pays interest compounded annually

1. 👍
2. 👎
3. 👁
1. Find the future value of \$700 deposited at 3% for 7 years if the account pays simple interest and the account pays interest compounded annually

1. 👍
2. 👎
2. Simple interest is just:
Interest = Principle x rate x time
be sure to write % as a decimal to 5% = .05 and 3% = .03
You can add your interest to the original value to find the future value.

Compounded annually:
Future value = P(1+ rate)^time
tiffany's problem:
Future value = P(1+.03)^7

1. 👍
2. 👎

Similar Questions

1. Mathematics

If \$800 is deposited into an account that pays 6%/a compounded monthly, how many months will it take the investment to grow to \$2000? a)48 b)184 c)188 d)333

2. Logarithmic Functions

Suppose you deposit \$2,000 in a savings account that pays interest at an annual rate of 4%. If no money is added or withdrawn from the account, answer the following questions. 1.) How much money will be in the account after 3

3. math

suppose you won a contest at the start of 5th grade that deposited \$3000 in an account that pays 5% annual interest compounded continuously. how much will you have in the account when you enter high school 4 years later? round to

4. algebra 2

You deposit \$800 in an account that pays 5.5% annual interest compounded continuously. Find the balance at the end of 5 years.

1. Math

Suppose you deposit \$2000 in an account with an annual interest rate of 7% compounded quarterly. Use the formula A=P(1+r/n)^n*t and round each answer to 2 decimal places, if necessary. a. Find an equation that gives the amount of

2. algebra

Sam opened a savings account that accrues compound interest at a rate of 3% annually. Let P be the initial amount Sam deposited and let t be the number of years the account has been open. Write an equation to find A, the amount of

3. Math

Dan deposited \$4000 into an account with 4.8% interest, compounded monthly. Assuming that no withdrawals are made, how much will he have in the account after 9 years? I was just wondering of the formula for this problem, because I

4. Math

A credit union pays 8% per annum compound interest on all fixed deposits . A customer deposited \$24000 in an account . Calculate the total amount of money in the account at the end of two years

1. 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

2. Math

A person deposited \$500 in a savings account that pays 5% annual interest that is compounded yearly. At the end of the 10 years, how much money will be in the savings account?

3. math

How many years was the money in the account?Gloria deposited \$500 into a bank account that earned 7.5% simple interest each year. She earned \$225 in interest before closing the account. No money was deposited into or withdrawn

4. math

How much must be deposited today into the following account in order to have \$ 25,000 in 8 years for a down payment on a​ house? Assume no additional deposits are made. An account with annual compounding and an APR of 5​%