Question

1000 into an account that is growing 4.2% per year. What should you do to the pervious years amount

Answer 1

Answer:

The amount into account after a year is $1042

Step-by-step explanation:

Given as :

The principal amount into the account = p = $1000

The amount is growing at the rate = r = 4.2 % per year

Let The Amount into account after 1 year = $A

So, According to question

The amount into account after 1 year = The principal amount × $(1+\dfrac{\textrm rate}{100})^{\textrm time}$

Or, A = p × $(1+\dfrac{\textrm r}{100})^{\textrm 1}$

Or, A = $1000 × $(1+\dfrac{\textrm 4.2}{100})^{\textrm 1}$

Or, A = $1000 × 1.042

Or, A = $1042

So, The amount into account after a year =  A = $1042

Hence,The amount into account after a year is $1042 . Answer