Question

You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in the account in 10 years?

Answer 1

Answer:Principal P = 2000

Amount= A

years=n 10.00

compounded 12 times a year t

Rate = 2.00 0.02

Amount = P*((n+r)/n)^n*t

Amount = = 2000 *( 1 + 0.02 /t)^ 10 * 12

Amount = 2000 *( 1 + 0 )^ 120

2000 *( 1 )^ 120

Amount = 2442.4

Explanation: