Question

If you deposit $9,000 in a bank account that pays 4% interest annually, how much will be in your account after 5 years? Round your answer to the nearest cent.

Answer 1

Amount investment =		$                             9,000.00
Interest rate per year Per Annum		4%
Period = 5 Years
Years	Investment	Interest @ 4 % Per Year	Running Bal
1	$9,000.00	$360.00	$9,360.00
2		$374.40	$9,734.40
3		$389.38	$10,123.78
4		$404.95	$10,528.73
5		$421.15	$10,949.88
Answer =	$10,949.88