Question

Jenny invests $2,000 at an interest rate of 5%. The amount of money, ma, in Jenny's account after t years can be

Answer 1

Answer:

The answer to this question is A

Step-by-step explanation:

Since no one else has correctly answered this question.

Answer 2

After t years, the expression that can be used to represent the money in Jenny account is  Mp=2000(1.05)^t+(1.05)^4

Compound interest Computation

Given Data

• Principal  P = $2000

• Rate r = 5%

• Time t = 4 years

A = P + I where

P (principal) = $2,000.00

I (interest) = $431.01

Calculation Steps:

First, convert R as a percent to r as a decimal

r = R/100

r = 5/100

r = 0.05 rate per year,

Then solve the equation for A

A = P(1 + r/n)^nt

A = 2,000.00(1 + 0.05/1)(1)(4)

A = 2,000.00(1 + 0.05)(4)

A = $2,431.01

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $2,000.00 at a rate of 5% per year compounded 1 times per year over 4 years is $2,431.01.

Learn more about compound interest here:

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