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 If no money is added or withdrawn from the account, answer the following questions.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).

Guest Mar 26, 2021

#1**+1 **

Formula:

y = a(1 + r)^x

1.)

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

2.)

2000(1.04)^18 = 4051.633031...

3.)

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

4.) I think you already answered it.

WillBillDillPickle Mar 27, 2021