Question

WILL GIVE BRAINLIEST TO WHO ANSWERS FIRST
Suppose you deposit $2,000 in a savings account that pays interest at an annual rate of 4%. If no money is added or withdrawn, determine how much would be in the account after 18 years.

Answer 1

Answer

A=p (1+r)^t

A future value

P present value

R interest rate

T time

A) A=2,000×(1+0.04)^(3)=2,249.728

B) A=2,000×(1+0.04)^(18)=4,051.63

C) 2500=2000 (1+0.04)^t

Solve for t

T=log(2,500÷2,000)÷log(1+0.04)

T=5.7 years

D) t=log(3,000÷2,000)÷log(1+0.04)

t=10.3 years