Question

again writing it...... A bank offers a 4.7% interest rate on all saving accounts,per month.if 1000 dollars is initially put into a savings account,how much money will the account hold 2 years later???yumm medals?????

Answer 1

Is it simple interest or compound interest?

Answer 2

compounded how, I assume per month
\[A=P\left(1+\frac{R}{N}\right)^{\text{NT}}\]

Answer 3

A = 1000(1+.047/12)^(12*2)

Answer 4

its a tricky ques

Answer 5

\[A=1000\left(1+\frac{.047}{12}\right)^{24}\]

Answer 6

1000 is only put once right; not periodic deposit?

Answer 7

i got it....

Answer 8

$1098.36

Answer 9

so i will have to 1000 multiply 1.047^24

Answer 10

Yes

Answer 11

3011.07

Answer 12

gt it thanksssss