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Deon deposited 4000 into an account with 4.7% interest, compounded annually. Assuming that no withdrawals are made, how much will he have in the account after 5 years?

Solution

Solution

Amount : 5032.61

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.047}{1})^{1 \cdot 5}

4000 (1 + \frac{0.047}{1})^{1 \cdot 5} = 5032.61143 \dots

Round to the nearest hundredth:

5032.61

Amount : 5032.61

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