Purchase Solution

# Interest Rates and Compound Interest

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If a bank is advertising that a new person can open an account with a 3 3/4 interest rate compounded annually and you invests \$5000in an account at this rate and makes no deposits or withdrawals find the amount of money you will have to the nearest cent after three years can you give me step by step help to solving this question.

##### Solution Summary

This solution embraces a geometric sequence. The interest rate and compound interest is examined.

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Hello and thank you for posting your question to Brainmass

Let the interest rate in percents be r and the initial principal X0.

Let q=1+r/100

Then after one year the ...

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