Question

find amount of money in bank account if initial deposit is 4000 with annual rate of 2.5% for 5 years

Answer 1

\[\huge A=P(1+\frac{r}{n})^{nt}\]
P is principal, r is rate, n is number of times interest is compounded, t is time in years

Answer 2

what is the n for

Answer 3

is the interest compounded annually?

Answer 4

yes

Answer 5

ok so we will have n=1

Answer 6

\[\huge A=P(1+r)^t\]

Answer 7

A=4000(1+2.5)^5 like that???

Answer 8

\[\huge A=4000(1+.025)^5 \approx $4525.63\]

Answer 9

ooh
okay
thanks