SOLUTION: Determine, to the nearest dollar, the amount of money accumulated after 3 years if $2000 is invested at an interest rate of 8% per annum, compounded annually.

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Question 770639: Determine, to the nearest dollar, the amount of money accumulated after 3 years if $2000 is invested at an interest rate of 8% per annum, compounded annually.
Answer by oscargut(2103) About Me  (Show Source):
You can put this solution on YOUR website!
Determine, to the nearest dollar, the amount of money accumulated after 3 years if $2000 is invested at an interest rate of 8% per annum, compounded annually.
We have to find A where
A = 2000(1+0.08)^3 = 2519.42
Answer: $ 2,519.42
You can ask me more at: mthman@gmail.com
Thanks