Question

If you wish to have $800 in a savings account at the end of 4 years, and 5% interest will be paid annually, how much should you put into the savings account now

Name: if you wish to have 800 in a savings account at the end of 4 years and 5 interest will be paid annually how much should you put into the savings account now 55177
Uploaded: 2022-05-15T18:24:46-08:00
Duration: 2 min 22 s
Channel: Chandra Jain
Description: if you wish to have 800 in a savings account at the end of 4 years and 5 interest will be paid annually how much should you put into the savings account now 55177

          If you wish to have $800 in a savings account at the end of 4 years, and 5% interest will be paid annually, how much should you put into the savings account now

Added by Ryan B.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Chandra Jain

05/15/2022

Step 1

Step 1: Use the formula for compound interest: A = P(1 + r/n)^(nt), where: A = the amount of money accumulated after n years, including interest P = the principal amount (the initial amount of money) r = the annual interest rate (in decimal form) n = the number of Show more…

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If you wish to have $800 in a savings account at the end of 4 years, and 5% interest will be paid annually, how much should you put into the savings account now