Question

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What is the final amount of a $4000 stock account earning 9% for 20 years?

Answers will include a $ sign. Round to the whole dollar.

Answer 1

Answer:

The Amount of money in the account after 20 years $22,416.

Step-by-step explanation:

Given as :

The principal deposited into account = $4000

The rate of interest = 9% compounded annually

The time period for deposit = t = 20 years

Let the amount into account after 20 years = $A

now, According to question

From compound Interest method

Amount = principal × $(1+\dfrac{\textrm rate}{100})^{\textrm time}$

Or, A = $4000 × $(1+\dfrac{\textrm r}{100})^{\textrm t}$

Or, A = $4000 × $(1+\dfrac{\textrm 9}{100})^{\textrm 20}$

Or, A = $4000 × $(1.09)^{20}$

or, A = $4000 × 5.604

So, The amount in account after t years = A =  $22,416

Hence, The Amount of money in the account after 20 years $22,416. Answer