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2 years ago

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Suppose that $1,000 is deposited into an account that yields 0.85% interest, compounded annually.

1 answer:

andrey2020 [161]2 years ago

4 0

<h3>Answer: 1034.44 dollars</h3>

=====================================

Work Shown:

A = P*(1+r/n)^(n*t)

A = 1000*(1+0.0085/1)^(1*4)

A = 1034.43596172007

A = 1034.44

---------------------

Notes:

P = 1000 is the deposit or principal
r = 0.0085 is the decimal form of the annual interest rate of 0.85%; we can say 0.85% = 0.85/100 = 0.0085
n = 1 represents how many times per year we're compounding the money (ie annually)
t = 4 = number of years
The result of 1034.44 dollars is only possible if you do not withdraw any of the money in the four year time period.

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