You decide to begin saving towards the purchase of a new car in 5 years. If you put $1,000 at the end of each of the next 5 years in a savings account paying 6% compounded annually, how much will you accumulate after 5 years?

Interest accumulated is $338.23 and total amount accumulated is $1338.23

Step-by-step explanation:

Total Amount Compounded with compound interest yearly is calculated as

A = P (1 + r)ᵗ ⁵

P = principal/initial amount invested = $1000

r = rate of increase yearly = 6%

t = time period that passes = 5

A = 1000 (1 + 0.06)⁵

A = 1000 (1.06)⁵

A = $1338.23

Interest accumulated is $338.23

Hope this Helps!!

hi! i think the answer is 1/2 : )

hi i’m going tomorrow morning and i can come over and you out with this stuff for me haha ya day is going crazy and i’ll tell you what i’m talking about you don’t wanna go do you think i’m going to be a good friend i just don’t know how much you mean about the stuff you want to do and stuff you know i just want you and you know that i’m going crazy i don’t think i’m going crazy about going tomorrow and i’ll tell ya hey i don’t think i’m going crazy about going tomorrow and i’ll tell you what i’m done