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Kevin wants to know how much money he will have in his account if he earns 5% interest compounded yearly for four years on a deposit of 2000
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Kevin wants to know how much money he will have in his account if he earns 5% interest compounded yearly for four years on a deposit of 2000

User Angel Yordanov
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1 Answer

2 votes
Hi there
The formula is
A=p (1+r)^t
A future value?
P present value 2000
R interest rate 0.05
T time 4 years
So
A=2,000×(1+0.05)^(4)
A=2,431.01

Hope it helps
User Popester
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8.1k points
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