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Suppose you deposit 2000 dollars in a savings account that pays interest at an annual rate of 4%.  If no money is added or withdrawn from the account, answer the following questions.  Remember, money is rounded to the nearest hundredth (two decimal places).

 

 Mar 26, 2021
 #1
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Formula: 

y = a(1 + r)^x

 

 

 

1.)

2000(1 + 0.04)^3 = 2249.728 = $2249.73cool

 

 

2.)

2000(1.04)^18 = 4051.633031...cool

 

 

3.)

2000(1.04)^6 = 2530.638037... So 6.cool

 

 

4.) I think you already answered it.cool

 Mar 27, 2021

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