Question

14. Mark deposits $2000 into an account that pays an interest rate of 3.5% compounded annually. He doesn’t add or remove money from his account for 4 years. How much money will Mark have in 4 years?

Answer 1

$295.05

Explanation:

2000×103.5%

=2070

2070×103.5%

=2142.45

2142.45×103.5%

=2217.436

2217.44×103.5%

=2295.05