Question

Suppose that $1,000 is deposited into an account that yields

Answer 1

ANSWER : $1,215.51

P= Principal = $1000
R= rate = 5% = 0.05
N= number or periods in 1 year (1 time pre year)
T= time expressed in years = 4 years

A= P (1 + r/n) nxt
= 1,000 (1+ 0.05/1) 1x4
= 1,215.51