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George deposited $2,000 in his bank account, which offers 5 percent compound interest calculated annually. What would be the principal amount available in George's account at the end of two years? There
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4 votes
George deposited $2,000 in his bank account, which offers 5 percent compound interest

calculated annually. What would be the principal amount available in George's account at
the end of two years?
There would be a principal amount of $
of 2 years.
in George's account at the end
O 2.100
0 2.000
02.005
O 2.205

User Vlad Krasnov
by
3.3k points

2 Answers

10 votes

Answer:

2205

Step-by-step explanation:

plato

User Mathieu Schmitt
by
3.7k points
10 votes

Answer:

2205

Step-by-step explanation:

annual compound interest formula

PV(1+i)ⁿ

we have

2000(1+.05)²

=2205

User LZW
by
3.7k points
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