Question

A deposit of $2000 is made into a saving account that pays 3.5% annual interest compound monthly. How much money will be in the account after 4 years?

Answer 1

Since this is growth, the equation for growth is =
y=a(1+r)^x
a= initial amount, r=rate, b= 1+r,x=time
a=2000
r= 0.035 (35%)
b= 1.035 (1+0.035)
x=4
y=2000(1.035)^4= 2295

The answer is 2295
I hope I helped you !!