2 years ago

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

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