Question
Find the final amount of money in an account if $2,600 is deposited at 5% interest compounded annually and the money is left for 9 years.
The final amount is $
Round answer to 2 decimal places
The final amount is $
Round answer to 2 decimal places
Answers
oobleck
recall your formula
A = P(1+r)^n
Now plug in your numbers
A = P(1+r)^n
Now plug in your numbers
Alex
Would it be 23,508
oobleck
2600 * 1.05^9 = 4033.45
what formula did you use? Not the one I gave you ...
what formula did you use? Not the one I gave you ...