Dannycuttie6559 Dannycuttie6559

10-07-2017
Mathematics

contestada

Suppose that $2000 is invested at a rate of 2%, compounded annually. Assuming that no withdrawals are made, find the total amount after 5 years. Do not round any intermediate computations, and round your answer to the nearest cent.

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Aliwohaish12 Aliwohaish12

10-07-2017

The formula is
A=p (1+r)^n
A future value?
P present value 2000
R interest rate 0.02
N time 5years

A=2,000×(1+0.02)^(5)
A=2,208.16

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