Question

You invest $2,000 into a savings account that gets 5% interest compounded yearly. How much money will you have after 7 years?

A.
$14,713.23

B.
$2,814.20

C.
$54,112.88

D.
$3,286.33

Answer 1

Answer:B

Step-by-step explanation:

$2000×1.05^7=$2814.20

Answer 2

Answer:

B

Step-by-step explanation:

P = $ 2000

r =5% = 0.05

t = 7 years

$Amount=P*(1+\frac{r}{100}})^{t}\\\\=2000*(1+0.05)^{7}\\\\=2000*(1.05)^{7}\\\\=2000*1.4071$

= $ 2814.20