What to do here
Chuck deposits $2000 into a bank account that compounds annually at an interest rate of . Assuming there are no other transactions, what will the balance be after years, in dollars?
Chuck deposits $2000 into a bank account that compounds semi-annually at an interest rate of . Assuming there are no other transactions, what will the balance be after years, in dollars?
Chuck deposits $2000 into a bank account that compounds quarterly at an interest rate of . Assuming there are no other transactions, what will the balance be after years, in dollars?
Chuck deposits $2000 into a bank account that compounds monthly at an interest rate of . Assuming there are no other transactions, what will the balance be after years, in dollars?
+63 I'm not sure about the three others but I can do the first one. I'm assuming you meant: Chuck deposits $2000 into a bank account that compounds annually at an interest rate of 6%. Assuming there are no other transactions, what will the balance be after 4 years, in dollars?
We would take the 2000 dollars and multiply it by 1.06^4. The 1.06 is the interest rate and the power of 4 is the number of years. So our answer would be 200 * 1.06^4
