Question

on a deposit of $4,000 that earns 8% compound interest compounded annually how much will you have after 2 years​

Answer 1

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\ 4000\\ r=rate\to 8\%\to \frac{8}{100}\dotfill &0.08\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &2 \end{cases} \\\\\\ A=4000\left(1+\frac{0.08}{1}\right)^{1\cdot 2}\implies A=4000(1.08)^2\implies A=4665.6$