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yuradex [85]
3 years ago
15

What will the balance be if you use compound interest for a 2,000 deposit compound interest compounded annually at 6% for 2 year

s
Mathematics
1 answer:
ehidna [41]3 years ago
8 0

Answer:

$2,247.20

Step-by-step explanation:

Lets use the compound interest to solve this problem:

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

<em>P = initial balance</em>

<em>r = interest rate (decimal)</em>

<em>n = number of times compounded annually</em>

<em>t = time</em>

<em />

First, change 6% into a decimal:

6% -> \frac{6}{100} -> 0.06

Now, plug the values into the equation:

A=2,000(1+\frac{0.06}{1})^{1(2)}

A=2,247.20

The balance after 2 years will be $2,247.20

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