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Gwar [14]
3 years ago
15

If ?2000 is placed into a bank account that pays 3% compound interest per year,how much will be in the account after 2 years?

Mathematics
2 answers:
Darina [25.2K]3 years ago
8 0

Answer:

The amount after 2 years in the bank will be $3,380.

Step-by-step explanation:

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

A = Amount after t time period

P = Principal amount

R = Interest rate

n = Number of times interest applied per time period

We have:

P = $2000

R =3%=0.03

n = 1

t = 2 years

A=\$2000\times (1+\frac{0.03}{1})^{1\times 2}

A=\$3,380

The amount after 2 years in the bank will be $3,380.

Ipatiy [6.2K]3 years ago
3 0

Answer:

There would be $2,120

Step-by-step explanation:

First figure out what 3% of 2000 is which is 60. Multiply the 60 by 2 to get 120 then add 120 to 2000

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