In January of 1990, you deposited $1000 into an account that guaranteed an annual interest rate of 3%.?

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In January of 1990, you deposited $1000 into an account that guaranteed an annual interest rate of 3%.?

In January of 1990, you deposited $1000 into an account that guaranteed an annual interest rate of 3%. You didn’t touch your money for 17 years, and in January 2007, you took out all your money. How much did you have? Round to the nearest cent.

2007-07-04 09:13:54 · 4 answers · asked by Anonymous in Education & Reference ➔ Homework Help

4 answers

$1652.85

2007-07-04 09:23:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋

1000 * (1.03)^17

=$1,652.85

Though inflation probably makes it much closer to $1000 :(

2007-07-04 16:24:32 · answer #2 · answered by Omer K 2 · 0⤊ 0⤋

1000 * (1.03)^17 = $1,652.85

2007-07-04 16:24:20 · answer #3 · answered by Steve A 7 · 0⤊ 0⤋

yes. it's $1,652.85

2007-07-04 18:05:21 · answer #4 · answered by Laurize 1 · 0⤊ 0⤋