Question

Suppose that when your friend was​ born, your​ friend's parents deposited ​$2000 in an account paying 4.3​% interest compounded . What will the account balance be after 13 years?

Answer 1

`~~~~~~ \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}\dotfill &\$2000\\ r=rate\to 4.3\%\to (4.3)/(100)\dotfill &0.043\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &13 \end{cases} \\\\\\ A = 2000\left(1+(0.043)/(1)\right)^(1\cdot 13) \implies A=2000(1.043)^(13)\implies A \approx 3457.21`