Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. if you invest $20 in a savings account tha pays 5%

if you invest $20 in a savings account tha pays 5% interest how much money will...

Free

60.2K

Verified Solution

Question

Finance

if you invest $20 in a savings account tha pays 5% interest howmuch money will you have in 4 years if you make no additionaldeposits

Answer & Explanation Solved by verified expert
4.2 Ratings (868 Votes)

A/c balance after 4 years PV×(1+r)^n
Here,
A Interest rate per annum 5%
B Number of years                                  4
C Number of compoundings per per annum                                  1
A÷C Interest rate per period ( r) 5.0%
B×C Number of periods (n)                                  4
Present value (PV) $                            20
A/c balance after 4 years $ 24.31
20×(1+5%)^4

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

if you invest $20 in a savings account tha pays 5% interest howmuch money will you have in 4 years if you make no additionaldeposits

Other questions asked by students

Q

A Bohr hydrogen atom at rest in free space undergoes a transition from the energy...

Physics
Q

In CE utilizing photometric (UV) detection, it is often found to be difficult because of inadequate...

Chemistry
Q

write a java merge sort called MERGE-SORT-A(), Using recursive calls and NO INSERTION-SORT() as a sub-procedure.

Programming
Q

Using the FINRA Bond Center search engine, determine if any U.S. government agencies issue preferred stock....

Finance
Q

The food at the Horn Toad Restaurant is awful I had a sandwich there once...

Basic Math
Q

The concentration C of a drug in the blood after thours is given by C...

Algebra
Q

4 4i 3 Simplify your answer including any radicals Use integers or fractions for any...

Algebra
Q

Unique Ltd. developed the following data for the month of October. Cash balance, October 1st...

Accounting
Q

Explique y d ejemplos de los objetivos en conflicto entre los participantes de la cadena...

Accounting
Q

It is important that the product costs reflect the diversity and complexity of the manufacturing...

Accounting
Q

Consider the following abbreviated financial statements for Weston Enterprises: WESTON ENTERPRISES 2018 and...

Finance
Q

2) The Crew is a trendy coffee shop on campus. Its common stock has a...

Finance