Question

You invest $2,000 in an account that is compounded annually at an interest rate of 5%. You never withdraw money from the account. Which equation below gives the amount of money you will have in the account after t years?

Answer 1

please remember to provide options if it is a multiple choice!

The equation is:
2000 x (100%+5%) ^(t
=2000 x (1.05)^(t

hope it helps!

Answer 2

`\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$2000\\ r=rate\to 5\%\to (5)/(100)\to &0.05\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years \end{cases} \\\\\\ A=2000\left(1+(0.05)/(1)\right)^(1\cdot t)\implies A=2000(1.05)^t`