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

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Question 1199493: 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(39616) About Me  (Show Source):
You can put this solution on YOUR website!
$2000 compounded annually at 5% for 4 years

2000%281.05%29%5E4 
TIME PASS       BAL
  0             2000
  1             2100
  2             2205
  3             2315.25
  4             2431.01