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Social ScienceSuppose that $4000 is placed in an account that pays 8% interest compunded each year. Assume that no withdrawals are made from the account.(a) Find the amount in the account at the end of 1 year. (b) Find the amount in the account at the end of 2 years.
Suppose that $4000 is placed in an account that pays 8% interest compunded each year. Assume that no withdrawals are made from the account.
(a) Find the amount in the account at the end of 1 year.
(b) Find the amount in the account at the end of 2 years.
Expert Answer
The amount of a principle P, rate of interest r in a time interval t which is compounded by a faactor n is calculated by,
determine the value of P, r and n( it is compounded annually).
a) here, t=1.
Determine...
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