Question

You deposited $5,000 four years ago into a bank account. Two years ago, you deposited an additional $4,000. Assume an annual interest rate of 6%. How much will be in the account in ten years from now?   Use a $ symbol and zero decimal places.  (i.e. $5,432)

Answer 1

We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.

A=$5000*(1.06)^14+$4000*(1.06)^12

=$19353(Approx).