SOLUTION: You invest $2,000 in an account that is compounded annually at an interest rate of 5%. You never withdraw money from the account. How much money will be in the account after 4 year

Algebra ->  Radicals -> SOLUTION: You invest $2,000 in an account that is compounded annually at an interest rate of 5%. You never withdraw money from the account. How much money will be in the account after 4 year      Log On


   

Question 1068031: You invest $2,000 in an account that is compounded annually at an interest rate of 5%. You never withdraw money from the account. How much money will be in the account after 4 years?

Answer by josgarithmetic(39613) About Me  (Show Source):
You can put this solution on YOUR website!
One year for one compounding period.
y=2000%281.05%29%5Ex for x in years;

y=2000%281.05%29%5E4
highlight%28y=2431%29