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dexar [7]
3 years ago
7

George deposited $2,000 in his bank account, which offers 5 percent compound interest calculated annually. what would be the pri

ncipal amount available in george’s account at the end of two years?
History
1 answer:
aleksandr82 [10.1K]3 years ago
3 0

This can be solve by using the formula

F = p ( 1 + r)^n

Where f is the future worth of the money

P is the initial amount of money

<span> R is the annual interest rate</span>

N is the numner of years

<span> F =2000 ( 1 + 0.05)^2</span>

<span>F = $2,205</span>

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