find the amount of money in the bank account given the following conditions: initial deposit= $5000, annual rate= 3%, time= 2 years

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find the amount of money in the bank account given the following conditions: initial deposit= $5000, annual rate= 3%, time= 2 years

Mathematics
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a = initial deposit, r = 1.03, n = 2
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11th
says answer is ‎5,304.50
It should be 5000 * (1.03)^2. Assuming compounding of the interest rate.
oh so its 5000(1.03)^2
Gt where dide u get the 1.3 from
At the end of first year, you will have: 5000 + 5000 * 0.03 = 5000 * (1.03). At the end of second year, you will have: 5000 * (1.03) + 5000 * (1.03) * (0.03) Because you earn interest in the second year on the interest amount of the first year. So, that is same as: 5000 * (1.03)^2. In general, for compounded interest, for n years at rate r and principal p, you get: p * (1+r)^n
oh yeah compounding of interest... didnt tought of that
OH
I GET IT NOW GT TANKS
so how do i get the answer
Use a calculator to find: 5000 * (1.03) * (1.03). That should give you: 5,304.50
yup its correct sir
thanks it swas 5304.5
Sometimes, these kind of problems can be formulated such that the interest rate "r" is compounded semi-annually or something else. In that case, the "formula" will be similar, but in that case, in p*(1+r)^n, r represents the rate of interest for that period (semi-annually for example) and n represents the total "compounding" periods.
well we all stupidly used simple interest formula..silly me
so what is the p r and n represent in the equation
For example, in this exact same problem, if compounding happened semi-annually, then you will have the following at the end of two years: 5000 * (1+0.015)^4
p is initial amount. n is number of periods.
r is rate of interest for that period.
principle,rate of interest and time period
so if it were 3000 instead of 5000 and rate was 5.5 and time was 5 years how do i set that up
3000 * (1.055)^5
use the same algorithm
assuming annual compounding.
ok so its similar to the other one
correct.
i got 3920.88
rounded
Sounds right.
did i do it right?
Yeah, I got the same. :)
hmm i guess so..
Oh sorry. My mistake. I gave you the sum formula for geometric progression. The correct formula in this case is: \[a _{n} = ar ^{n-1}\], but in this case, you would take it as \[a _{n} = ar ^{n}\]
so i did it right :D
yes!!
thakns again everyone
say that to GT

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