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MissTica
2 years ago
11

Nirav just opened a savings account paying 2 percent interest, compounded annually. After four years, the savings account will b

e worth $5,000. Assume there are no additional deposits or withdrawals. Given this information, Nirav:
Business
1 answer:
nlexa [21]2 years ago
3 0

Nirav recently opened a savings account offering 2% annual compound interest, this means that Nirav will earn the same amount of interest each year for four years.

<h3>What is a saving account?</h3>

An account at a retail bank is formally called as a savings account. This is a type of account that person granted a person that his money is safe in a particular bank. Refer to the image below for the complete question.

The given case tells about that <u>what would be the impact</u> of savings account offering 2% annual compound interest on Nirav, then he will earn the same amount of interest compounded each year for four years.

Learn more about the interest, refer to:

brainly.com/question/1040694

#SPJ1

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