The problem
You put $2000.00 in an account that pays 5% interest compounded once a year. How much is in the account after 9 years? Round to the nearest cent.
Answer
$ 3102.66
Worked solution
- Use A = P(1 + r)t with r as a decimal: r = 0.05.
- A = 2000 × 1.059 = 2000 × 1.551328.
- = $3102.66
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