Question

A parent deposits $2000 into their child's bank account. The account earns 4%

Answer 1

Answer:

A = 2000(1.04)^t

Step-by-step explanation:

Using the compound interest formula;

A = P(1+r)^t

P is the principal = $2000

r is the rate = 4% = 0.04

On substituting

A = 2000(1+0.04)^t

A = 2000(1.04)^t

Hence the required expression is A = 2000(1.04)^t