Jolene wants to invest $2000 into a money market account. Interest is to be 6.5% compounded annually, and she wants to take the
entire amount out after 5 years to put towards the purchase of a new car. How much will she have her down payment in five years?
1 answer:
Answer:
Interest = 650$
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!!!
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