raul invests $1000 in a savings account that earns 5% interest compounded annually. how much money will he have in the account at the end of 5 years

Question

anonymous · Answer

1000*(1.05)^5

anonymous · Answer

how often does the account earn intrest? monthly or yearly or what?

anonymous · Answer

Since, it is compounded anually

                                            n
                         (          R    )
Amount = P + (1 + ---- )
                         (          100)

where P = sum deposited            -------- $1000
R = rate of interest                       --------  5%
n = time in years                           --------  5 years

Amount = 1000 (1 + 0.05)^5    = 1000 (1.05)^5
               = 1000 * 1.276
               = 1276

so at end of 5 years, he will have $ 1276 in his account.

anonymous · Answer

thanks Angela  :D

anonymous · Answer

where do u live harkirat?

keenan · Answer

i got 4000

anonymous · Answer

I live in capital of India, Delhi.....
and U???

angela210793 · Answer

UW (U taught me how to solve this kind of problem) Thnx :)

anonymous · Answer

I am glad that u hv LEARNT it now!!!
Many just keep coming back with same problems again and again...
That is why i give answer in detail so that the asker can learn to do it himself/herself.......

anonymous · Answer

@him1618
???????

angela210793 · Answer

well i sometimes stop answering to ppl who ask same kind of q 10000000000000000000000000000000 times :P:P ur patient ...good 4 u :P :)

angela210793 · Answer

@Harkirat take a look at this pls http://openstudy.com/users/angela210793#/users/angela210793/updates/4e058ed40b8bd74af49b6b8f

anonymous · Answer

u talking abt the video????

angela210793 · Answer

aha...

anonymous · Answer

yes, it is nice but 10 Miniutes long !!!!

angela210793 · Answer

lol :P yea
 I loved crossing over part :P:P

anonymous · Answer

yes it is really informative as well as entertaining......... :D

angela210793 · Answer

^_^ :)