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24 November, 07:25

If you deposit $5,000 in a bank account that pays 4% interest annually, how much will be in your account after 5 years? round your answer to the nearest cent.

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  1. 24 November, 07:42
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    The formula is

    A=p (1+r) ^t

    A future value?

    P present value 5000

    R interest rate 0.04

    T time 5years

    A=5,000 * (1+0.04) ^ (5)

    A=6,083.26
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