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An amount of $31,000 is deposited in a bank that pays interest at the rate of 4%/year, compounded annually. what is the total amount on deposit at the end of 6 years, assuming there are no deposits or withdrawals during those 6 years? (round your answer to the nearest cent.)

Respuesta :

altavistard
You want the compound Amount, A.  P is $31000; r is 0.04, and t is 6 yrs.

A = P (1+0.04)^t   becomes    A = $31000(1.04)^6, or
                                                A = $39224.89.  Pretty good deal?


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