You deposit $1600 in a bank account with a 4% annual interest. ( is this a trick ?)?
5 answers
There's no question here. But the statement makes sense.
I have no idea what any of this means, I'm suppose to create an equation,label what x & y represent and graph it. HELP!
x years after depositing $P, the balance y can be found using the formula
y = P(1+r)^x
so, in your case, using compound interest,
y = 1600*1.04^x
or, for simple interest,
y = 1600(1+.04x)
y = P(1+r)^x
so, in your case, using compound interest,
y = 1600*1.04^x
or, for simple interest,
y = 1600(1+.04x)
I'm gonna fail this class ,
I just don't get it.
I just don't get it.
Question: You deposit $1,600 in a bank account. The account pays 3% annual interest compounded monthly. Find the balance after 5 years. Round to 2 decimal places.
I need to find the answer
I need to find the answer