You deposit $2,000 in a bank account paying 4% annual interest and leave the money there for 5 years. Use the simple interest formula to compute the future value of this account.

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asked Aug 23, 2021 145k views

5 votes

You deposit $2,000 in a bank account paying 4% annual interest and leave the money

there for 5 years. Use the simple interest formula to compute the future value of this account.

Mathematics
middle-school

Thimma asked

by Thimma

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Answer: $2400

Explanation:

SI = Prt / 100

SI = 2000 x .04 x 5

SI = 400

FInal Amount = 2000 + 400 = $2400

Dif answered Aug 27, 2021

by Dif

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