angelarnett0613 angelarnett0613

07-04-2021
Mathematics

contestada

Find the amount after 5 years of $1000 is invested at 7% compound

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bri09761 bri09761

07-04-2021

A=P(1+r/n)^nt

P=Principal deposit - first deposit
r= annual interest rate - percentage (IN DECIMAL FORM !)
n= number of times interest is compounded each year -

annual:1
semiannually: 2
quarterly: 4
monthly: 12
weekly: 52

t= total times in years - self-explanatory

might be wrong so make sure to check! but i would do it as follows:

1000(1+0.07/1)^1(5)

= 1402.551731

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