Jolene wants to invest $2000 into a money market account. Interest is to be 6.5% compounded annually, and she wants to take the

Question

3 years ago

10

entire amount out after 5 years to put towards the purchase of a new car. How much will she have her down payment in five years?

1 answer:

timama [110] · Answer 1 · 2022-06-04T07:52:23+03:00

3 0

Answer:

Interest = 650$

Step-by-step explanation:

Given:

Invest Inv = 2000$, interest rate r = 6.5% compounded annually

and time n = 5 years

Formula for calculation is:

Int = (Inv · r · n) / 100

Int = (2000 · 6.5 · 5) / 100 = 650$

Int = 650$

God with you!!!