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interest

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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?

Apr 2, 2023

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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

Apr 3, 2023