Question

Connie made deposits of $2000 at the beginning of each year for four years. The rate she earned is 5% annually. What is the value of Connie's account in four years?

Answer 1

I believe the answer is 9051$ but this is just my guess.

Answer 2

$8,736.01

Explanation:

Connie will make 5% annually, in the first year that she deposited $2000, after one year she will earn $100 in interests:

First year: $2100

Second year:$2100+$105+$2000 in deposit= $4205

Thid year: $4205+$210.25+$2000 in deposit= $6415,25

Forth Year: $6415.25+320.76++$2000 in deposits=$8,736.01

This is how you calculate the value of the account after four years.