$1000 is left in a bank account for 5 years.
If it receives 4% a year compounded annually, how much will be in the acount at the end of 5 years?
At the end of 10 years, there is $4,036.66 in a bank account. If the account received a nominal annual interest rate of 6% a year compounded semi-annually, how much was originally put in the bank?
This looks like just a simple calculation for Present Value and Future value to me. Don't quote me cause I am just learning. If I am correct the second part is $3,003.65, the first part = $1,216.65
how did u get the answer to the second question? i keep getting 2,235.
x(1.03)^20 = 4036.66
and then i solved for x
OOps sorry, you are right.