You deposit $2000 each year into an account earning 3% interest compounded annually. How much will you have in the account in 25 years?

Question

Renee Holmes

Mathematics

29 October, 16:16

You deposit $2000 each year into an account earning 3% interest compounded annually. How much will you have in the account in 25 years?

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Jada · Answer 1

This is what I get. Total will be 4187.56 with Interest 2187.56. By using the formula: To find amount : A=p (1+r/n) ^n*t Where P=2000, r=3%, n=1, t=25 So plug in and solve A=2000 (1+0.03/1) ^1*25 To find interest you use formula A=p+I A=4187.56, p=2000, i = we need to find. 4187.56=2000+I 4187.56-2000=I 2187.56=i