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30 May, 03:30

George deposited $2,000 in his bank account, which offers 5 percent compound interest calculated annually. what would be the principal amount available in george's account at the end of two years?

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  1. 30 May, 03:52
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    This can be solve by using the formula

    F = p (1 + r) ^n

    Where f is the future worth of the money

    P is the initial amount of money

    R is the annual interest rate

    N is the numner of years

    F = 2000 (1 + 0.05) ^2

    F = $2,205
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