SOLUTION: How would you calculate this problem in simple interest form made a deposit of $2,000 into an account on August 1 that yields 2% interest compounded annually. How much money will b

SOLUTION: How would you calculate this problem in simple interest form made a deposit of $2,000 into an account on August 1 that yields 2% interest compounded annually. How much money will b

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Question 584089: How would you calculate this problem in simple interest form made a deposit of $2,000 into an account on August 1 that yields 2% interest compounded annually. How much money will be in that account at the end of 5 years?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=P(1.02)^5
A=2000(1.02)^5
A=2000*1.104
A=$2208.00
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