you deposit "3400" in an account with an annual interest of 4.6% for 20 years. how much money be in your account at the end of 20 years
assuming compound interest,
3400(1 + 0.046)^20
Fix that if you are using simple interest.
To calculate the final amount in the account at the end of 20 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final amount
P = the principal amount (initial deposit)
r = annual interest rate (in decimal form)
n = number of times interest is compounded per year
t = number of years
In this case, the principal amount is $3400, the annual interest rate is 4.6% (or 0.046 in decimal form), the number of times interest is compounded per year is not mentioned, so we will assume it is compounded annually, and the number of years is 20.
Plugging these values into the formula, we get:
A = 3400(1 + 0.046/1)^(1*20)
A = 3400(1 + 0.046)^20
Now we can calculate the final amount using a calculator or a spreadsheet:
A ≈ 3400(1.046)^20
A ≈ 3400(1.971261)
A ≈ 6713.712
Therefore, at the end of 20 years, there will be approximately $6713.71 in the account.