Question

You deposit $2,000 at the end of each year into an account earning 2% interest compound annually. How much will you have in the account in 15 years?

Answer 1

Answer:

Simple interest = $600

Step-by-step explanation:

In this word problem, we will need to find the simple interest.

Formula:

I = prt or I = p x r x t

Simple interest: final answer

I = (2,000)(.02)(15) multiply.

I = 600

Simple interest: $600