Question 820051
a)For three years; t=3
{{{A(t)= a(1+r)^t}}}
{{{A(t)=2000(1+0.04)^t}}}
{{{A(t)=2000(1+0.04)^3}}}
{{{A(t)=2000(1.124864)}}}
{{{A(t)=2248.73}}}
You would have $2249.73 in your bank account
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b)For three years; t=18
{{{A(t)= a(1+r)^t}}}
{{{A(t)=2000(1+0.04)^t}}}
{{{A(t)=2000(1+0.04)^18}}}
{{{A(t)=2000(2.02581)}}}
{{{A(t)=4051.63}}}
You would have $4051.63 in your bank account
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c)Account Balance 2500; A(t)=2500
{{{A(t)= a(1+r)^t}}}
{{{A(t)=2000(1+0.04)^t}}}
{{{2500=2000(1+0.04)^t}}}
{{{2500/2000=(1+0.04)^t}}}
{{{1.25=(1+0.04)^t}}}
{{{t=(log(1.25)/log(1.04))}}}
{{{t=5.689}}}
You will have $2500 in the bank within 5 years and 9 months
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d)Account Balance 3000; A(t)=3000
{{{A(t)= a(1+r)^t}}}
{{{A(t)=2000(1+0.04)^t}}}
{{{3000=2000(1+0.04)^t}}}
{{{3000/2000=(1+0.04)^t}}}
{{{1.5=(1+0.04)^t}}}
{{{t=(log(1.50)/log(1.04))}}}
{{{t=10.338}}}
You will have $3000 in the bank within 10 years and 5 months