Use the compound interest formula to compute the total amount accumulated. $10,000 for 20 years at 5% compounded annually

A. $20,000.00

B. $25,269.50

C. $19,500.00

D. $26,532.98

Question

Use the compound interest formula to compute the total amount accumulated.	$10,000 for 20 years at 5% compounded annually

A. $20,000.00	

B. $25,269.50	

C. $19,500.00	

D. $26,532.98

callisto · Answer

Total amount = 10000 x (1+5%)^20 =?

anonymous · Answer

$$10,000(1.05)^{20}$$ will find it
are you given these formulas? there seem to be a lot of them

anonymous · Answer

what is the ^ sign ?

callisto · Answer

^ -> to the power of

anonymous · Answer

exponent 
to the power of twenty

anonymous · Answer

ahh the color purple

anonymous · Answer

how do i do that on a calcualtor ?

parthkohli · Answer

$\Large \color{purple}{\rightarrow Amount = Principal(1 + {rate \over 100})^{time} }$

parthkohli · Answer

Principal is what amount is deposited at first.
Rate is the percent rate.
Time is as it says.

callisto · Answer

10000 x 1.05 ^ (20)
I don't know how your calculator looks like and if there is a button '^'
If not, press 1.05 x 1.05 x1.05 x...x 1.05 (total: 20 '1.05's )  :S