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If $16,400 is deposited into a CD paying 5.1% annually, how much will be in the account after 20 years? Enter your answer rounded to the nearest cent.

If $16,400 is deposited into a CD paying 5.1% annually, how much will be in the account after 20 years? Enter your answer rounded to the nearest cent.
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If $16,400 is deposited into a CD paying 5.1% annually, how much will be in the account after 20 years? Enter your answer rounded to the nearest cent.

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User Osakr
by
7.1k points

1 Answer

2 votes

16,400 x (1 + 0.051)^20 =

16400 x (1.051)^20 =

16400 x 2.70429659 =

$44,350.46



answered
User Phong Vo
by
8.9k points
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