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You deposit $200 in an account earning 2% interest compounded annually. How much will you have in the account in 20 years?

You deposit $200 in an account earning 2% interest compounded annually. How much will you have in the account in 20 years?
asked 91.4k views
4 votes
You deposit $200 in an account earning 2% interest compounded annually. How much will you have in the account in 20 years?

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User Tags
by
8.5k points

2 Answers

2 votes
$297.19
=200x(1+2%/1)^(20x1)
=$200x (1+2% interest/1 compounded annually)^(20 years x 1 compounded annually)
answered
User Xuyang
by
7.6k points
3 votes

Answer:

221

Explanation:

Interest goes up 5 dollar each year

answered
User Ngoc
by
8.2k points
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