9514 1404 393
Answer:
$2,210.16
Explanation:
The applicable formula for the account balance is ...
A = P(1 +r/n)^(nt)
where principal P is invested at annual rate r compounded n times per year for t years. Here, we have P=2000, r=0.02, n=12, t=5. The balance is ...
A = $2000(1 +0.02/12)^(12·5) = $2210.16
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