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Mrs. Lopez is investing $2,000 into an account that earns 5% interest compounded annually. What is the total amount she will have in the account after 2 years if no additional deposits or withdrawals are
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Mrs. Lopez is investing $2,000 into an account that earns 5% interest compounded annually. What is the total amount she will have in the account after 2 years if no additional deposits or withdrawals are made?

(Round to the nearest hundredth)

User Ruiwen
by
7.3k points

1 Answer

6 votes
5% 2000 = 100

Thus after 1 year she’ll have 2100

5%of 2100 = 105

This after 2 years, she’ll have 2100+105= 2205

User Jethroo
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