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 If no money is added or withdrawn from the account, answer the following questions.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).
+311 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.
