Question

If 2000 is placed into a bank account that pays 3% compund interest per year , how much will be in the account after 2 years

Answer 1

`\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$2000\\ r=rate\to 3\%\to (3)/(100)\dotfill &0.03\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{per year, thus once} \end{array}\dotfill &1\\ t=years\dotfill &2 \end{cases} \\\\\\ A=2000\left(1+(0.03)/(1)\right)^(1\cdot 2)\implies A=2000(1.03)^2\implies A=2121.8`