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If you deposit $5000 into an account that pays 3% annual Interest compounded -annually, how much money will you have after 2 years?

If you deposit $5000 into an account that pays 3% annual Interest compounded -annually, how much money will you have after 2 years?
asked 51.2k views
3 votes
If you deposit $5000 into an account that pays 3% annual Interest compounded -annually, how much money will you have after 2 years?

asked
User Luison
by
8.3k points

1 Answer

1 vote

Answer:

$5304.5

Explanation:

5000 x 1.03²

1.03=3%

x² =2 years

answered
User Kuang
by
7.4k points
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