Question

You deposit 1,000 for 4 years at an interest rate of 2.0%. If the interest is compounded annually, how much money do you have after the four years

Answer 1

Total = Principal * (1+ rate)^ years
Total = 1,000.00 * (1.02)^4
Total = 1,000.00 * 1.08243216
Total = 1,082.43