Question

Pat earns 4% in his bank account each

year. He has $2,400 in his account. How
much will he have in 5 years if he does not
make any more deposits?
A. $12,480.00
B. $12,907.78
C. $2,919.97
D. $2,457.60

Answer 1

C. $2919.97

Y1 $2400 x.04 =96
Y2$2496 x.04 =99.84
Y3$2595.84 x.04 =103.86
Y4$2699.67 x.04= 107.99
Y5$2807.66 x.04= 112.31 = Total $2919.97