Kevin wants to know how much money he will have in his account if he earns 5% interest compounded yearly for four years on a deposit of 2000

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asked Jan 17, 2018 197k views

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Popester · Answer 1 · 2018-01-22T11:13:16+0000

Hi there
The formula is
A=p (1+r)^t
A future value?
P present value 2000
R interest rate 0.05
T time 4 years
So
A=2,000×(1+0.05)^(4)
A=2,431.01

Hope it helps

Kevin wants to know how much money he will have in his account if he earns 5% interest compounded yearly for four years on a deposit of 2000

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