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1000 is left in a bank account for five years. If it

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wc2005
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1000 is left in a bank account for five years. If it [#permalink] New post   23 Jul 2008, 08:43
1000 is left in a bank account for five years. If it receives a (nominal) annual interest rate of 4% a year compounded semi-annually, how much will be in the account at the end of five years?

Thanks again!!!



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sset009
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Re: 1000 is left in a bank account for five years. If it [#permalink] New post   24 Jul 2008, 06:09
1000 * (1 + annual interest / compound frequency) ^ (number of intervals)

= 1000 * ( 1 + 4%/2) ^ 10

= 1000 * (1 + 2%)^10

= 1219
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Re: 1000 is left in a bank account for five years. If it [#permalink] New post   24 Jul 2008, 07:25
Whats the quickest way of calculating (1 + 2%)^10 ?
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judokan
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Re: 1000 is left in a bank account for five years. If it [#permalink] New post   24 Jul 2008, 07:45
wc2005 wrote:
1000 is left in a bank account for five years. If it receives a (nominal) annual interest rate of 4% a year compounded semi-annually, how much will be in the account at the end of five years?

Thanks again!!!


= 1000*(1 + 4%/2)^10
= 1000*(1.02)^10
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irajeevsingh
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Re: 1000 is left in a bank account for five years. If it [#permalink] New post   25 Jul 2008, 23:35
Quote:
Whats the quickest way of calculating (1 + 2%)^10 ?


Answers anyone.....



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Re: 1000 is left in a bank account for five years. If it [#permalink]
25 Jul 2008, 23:35
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