Question

Ann deposited $4000into an account with 3.6% interest, compounded annually. Assuming that no withdrawals are made, how much will she have in the account after 9 years?

Answer 1

Answer:
In 9 years, you will have $5,499.18

Steps:
Note
A = Final Amount
P = Principal Amount
R = Interest Rate
N = # of times interest is compounded
T = Time in years

A = P(1 + r/n)^nt
A = ?
P = 4000
R = 0.036
N = 1
T = 9

A = 4000(1 + 0.036/1)^1*9
A = 5499.18