Question

Suppose you invested 2000 in a compound interest account earning 10% per month. How much would you have in your account at the end of 5 months?​

Answer 1

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Explanation:

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Answer 2

$3,221.02

Explanation:

Month 1: $2000 x 1.10 = $2,200

Month 2 = $2,200 x 1.10 = $2,420

Month 3 = $2,420 x 1.10 = $2,662

Month 4 = $2,662 x 1.10 = $2,928.2

Month 5 = $2,928.2 x 1.10 = $3,221.02