Suppose $4000 is invested at 6% interest compounded annually. How much money will there be in the bank at the end of 5 years? At the end of 20 years?

Using the compound interest formula, the amount in the bank at the end of 5 years and 20 years would be $5325.90 and $12828.54 respectively

Using the compound interest formula :

After 5 years :

Amount after 5 years = $5325.90

After 20 years :

Amount after 5 years = $12828.54

Hence, the amount accumulated after 20 years will be $12828.54

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The accumulated amount after 5 years = $ 5352.90

The accumulated amount after 20 years = $ 12828.54

Step-by-step explanation:

Formula to find the accumulated amount after investing P amount at the rate of r ( in decimal) compounded annually for t years:

As per given , we have

P =  $4,000

r= 6% = 0.06

Put thsese values in formula :

The accumulated amount after 5 years =

Hence,  the accumulated amount after 5 years = $ 5352.90

The accumulated amount after 20 years =

Hence,  the accumulated amount after 20 years = $ 12828.54

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step-by-step explanation:

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