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GenaCL600 [577]
1 year ago
14

Suppose that $2000 is placed in an account that pays 12% interest compounded each year.Assume that no withdrawals are made from

the account.Follow the instructions below. Do not do any rounding.

Mathematics
1 answer:
Ne4ueva [31]1 year ago
7 0

Given:

Principal amount = $2000

Interest rate = 12%

Find-:

(a) Amount in an account at the end of 1 year

(b)Amount in an account at the end of 2 year

Sol:

Compounded interest rate is:

A=P(1+\frac{r}{n})^{nt}

(a)

Amount after 1 year is:

\begin{gathered} t=1 \\  \\ r=\frac{12}{100} \\  \\ r=0.12 \\  \\ n=1 \\  \\ P=2000 \end{gathered}

So the amount is:

\begin{gathered} A=2000(1+\frac{0.12}{1})^{1\times1} \\  \\ A=2000(1.12) \\  \\ A=2240 \end{gathered}

After one year amount in the account is $2240

(b)

Amount after two years is:

\begin{gathered} t=2 \\  \\ n=1 \\  \\ r=0.12 \\  \\ P=2000 \end{gathered}

So amount is:

\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\  \\ A=2000(1+\frac{0.12}{1})^{1\times2} \\  \\ A=2000(1.12)^2 \\  \\ A=2000\times1.2544 \\  \\ A=2508.8 \end{gathered}

After two years amount in the account is $2508.8

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