SOLUTION: Find the amount of money in a bank account given the following conditions. Initial deposit=$2000, annual rate= 5.5%, time= 4 years
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Question 386798: Find the amount of money in a bank account given the following conditions. Initial deposit=$2000, annual rate= 5.5%, time= 4 years
Found 2 solutions by rfer, solver91311:
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=2000(1+0.055)^4
A=2000*1.23882
A=2477.65
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
You didn't specify a compounding period so I will assume annual.
^t)
Plugging in your givens, we get:
^4)
The rest is just punching buttons on your calculator. Anything more precise than two decimals is silly though -- we are working with money, after all.
John
My calculator said it, I believe it, that settles it
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