Question

You invest $2,000 in an account that is compounded annually at interest of a rate 5% you never withdrew money from the account how much money will be in the account after 4 years

Answer 1

Answer: $2431.01

Explanation:

A =( 1+r/n)^nt

= 2000 (1+.05)^4

= 2000 (1.05)^4

= 2000 x 1.22

= 2431.01