You deposit $400 in an account earning 2% interest compounded annually. How much will you have in the account in 20 years?

Mathematics

1 answer:

iVinArrow [24]2 years ago

6 0

Answer:

Approximately $594.38

Step-by-step explanation:

Use the formula: y = a(1 + r)^t
a is the initial amount
r is the percent of interest in decimal form
t is the time in years
y is the money after t years

Substitute the values given in the problem into the equation:
400(1+0.02)^20
Use a calculator or solve manually
Around 594.38

You might be interested in

Which term describes a function in which the y-values form a geometric sequence? A. Exponential function B. Linear function C. L

ankoles [38]

The answer for the exercise shown above is the first option, the option A, which is shown below: A. Exponential function.
In a geometric sequence, the ratio of any two consecutive numbers that form the sequence is equal. In other words, they have common ratio.

7 0

3 years ago

Write an equation in slope intercept form given the following slope and point M=-3 (6,-9)

Kitty [74]

Answer:

y = -3x + -9/6

-9/6 simplified as -3/2

5 0

2 years ago

What is the solution to the system of equations?<br><br> y = 2x + 4<br> y = -x + 1

den301095 [7]

Step-by-step explanation: