adriannayeeehawww adriannayeeehawww

07-12-2020
Mathematics

contestada

If you put $2,000 in a savings account at the local bank how much interest
will it be at a rate of 2% for 3 years? *Reminder: Convert the % to its
Equivalent Decimal First!

Respuesta :

carolmartelotte2020 carolmartelotte2020

07-12-2020

HI there

the formula is

A= p(1+r)^t

A future value

P present value

R interest rate

T time

A) A=2,000×(1+0.04)^(3) = 2,249.728

B)A= 2,000×(1+0.04)^t

Solve for t

T=log (2,500÷2,000)÷log(1+0.04)

T=10.3 years

Hope it helps

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