Mark deposit $2000 into an account that pays an interest rate of 3.5% compounded annually. He doesn't add or remove money from his account for four years. How much money will Mark have 4 years?

Question

Isabel Vargas

Mathematics

21 November, 18:43

Mark deposit $2000 into an account that pays an interest rate of 3.5% compounded annually. He doesn't add or remove money from his account for four years. How much money will Mark have 4 years?

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Answers (2)

Know the Answer?

Evie Mooney · Answer 1

Answer: $2295.05

Step-by-step explanation: I don't know how to explain, SORRY!

Kinley Stone · Answer 2

Answer: The total amount of money Mark will have after waiting 4 years would be $2280.

Step-by-step explanation:

Well to begin start off by writing the formula to solve for interest;

I=Prt

After that we must full in the corresponding terms;

I=2000*.035*4

Then simply solve by multiplying your sums to get a total of $280.

Last but not least take your original amount and add the two to get a total of $2280.