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) About Me  (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) About Me  (Show Source):
You can put this solution on YOUR website!


You didn't specify a compounding period so I will assume annual.



Plugging in your givens, we get:




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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