Question

Suppose you deposit $2,500 in a savings account that pays interest at an annual rate of 4%. If no money is added or withdrawn from the account, answer the following questions.

a. How much will be in the account after 4 years?
b. How much will be in the account after 18 years?
c. How many years will it take for the account to contain $3,000?
d. How many years will it take for the account to contain $3,500?
a. After 4 years, the amount in the account will be $​

Answer 1

A) $2,924.646 = $2,924.65

B) $5,064.54

C) 5 Years

D) 9 Years

A) AT 4 years the total would be $2,924.65 but after 4 years comes 5 years so it could be $3,041.63