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OpenStudy (cloverracer):
A $4,000 principal earns 5% interest, compounded annually. After 4 years, what is the balance in the account? $500,000.00 $4,862.03 $4,600.00 $20,250.00
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OpenStudy (cloverracer):
@superdavesuper
OpenStudy (superdavesuper):
do u know the eqn for compound interest? U will need that to solve this prob.
OpenStudy (cloverracer):
Nope :/
OpenStudy (superdavesuper):
i can give u the formula but would u like to understand it better? here is link to a page explaining it... http://www.mathsisfun.com/money/compound-interest.html
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