Question
formula A=P(1+r)^t
An account earning interest at a rate of 4% has a principal of $500,000. If no more deposits or withdrawals are made, about how much money will be in the account after five years?
An account earning interest at a rate of 4% has a principal of $500,000. If no more deposits or withdrawals are made, about how much money will be in the account after five years?
Answers
just plug in your values
A = 500000(1.04)^5
I get 608326.45
A = 500000(1.04)^5
I get 608326.45
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