Suppose that $2000 is invested at a rate of 2.1% compounded annually. Assuming that no withdrawals are made find the total amount after 5 years. Do not round any intermediate computations, and round your answer to nearest cent.

Question

Mathematics

Brooklynn Patton

29 August, 07:01

Suppose that $2000 is invested at a rate of 2.1% compounded annually. Assuming that no withdrawals are made find the total amount after 5 years. Do not round any intermediate computations, and round your answer to nearest cent.

+3

Answers (2)

Know the Answer?

River · Answer 1

First you have to multiply 2000 by 5 to get 10000. Then you change 2.1% to 0.021. You then Divide 10000 by 0.021 to get 476,190.47619047. Round that to get 476,190.5.

Amanda Spears · Answer 2

Amount=investment (1+rate) ^ (time)

Amount=2,000 * (1+0.021) ^ (5) = 2,219