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Suppose that $1,000 is deposited into an account that yields
5% interest, compounded annually. How much money will be in that account at the end of 4 years?

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mommax2
ANSWER : $1,215.51

P= Principal = $1000
R= rate = 5% = 0.05
N= number or periods in 1 year (1 time pre year)
T= time expressed in years = 4 years

A= P (1 + r/n) nxt
= 1,000 (1+ 0.05/1) 1x4
= 1,215.51

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