If you put $5,000 in a savings account that pays interest at the rate of 4%, compounded

Question:

If you put $5,000 in a savings account that pays interest at the rate of 4%, compounded annually, how much will you have in 5 years? How much interest will you earn during the 5 years? If you put $5,000 each year into a savings account that pays interest at the rate of 4% a year, how much would you have after 5 years?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Personal Financial Planning

ISBN: 9781439044476

12th Edition

Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley

Question Posted: