$20.00 divided by $2.40
1 answer:
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Answer:
The Amount of money in the account after 20 years $22,416.
Step-by-step explanation:
Given as :
The principal deposited into account = $4000
The rate of interest = 9% compounded annually
The time period for deposit = t = 20 years
Let the amount into account after 20 years = $A
now, According to question
<u>From compound Interest method</u>
Amount = principal ×
Or, A = $4000 ×
Or, A = $4000 ×
Or, A = $4000 ×
or, A = $4000 × 5.604
So, The amount in account after t years = A = $22,416
Hence, The Amount of money in the account after 20 years $22,416. Answer