Question

Bruno was given $2000 at birth. His parents invested it at a 2% interest rate compounded

annually. No deposits or withdrawls were made. Which expression can be used to determine
how much money Bruno had in the account when he turned 13?

Answer 1

$2588

Explanation:

Step one

given data

principal=$2000

rate = 2%= 0.02

time t= 13 years

Required

the final amount in the account

Step two:

A=P(1+r)^t

A=2000(1+0.02)^13

A=2000(1.02)^13

A=2000*1.294

A=$2588

Bruno will have in the account when he turned 13, $2588