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8 September, 16:24

Question 1 options: Jamal deposits $1000 into a savings account on his 18th birthday. If the 2% interest is compounded yearly, how much will he have in the account on his 65th birthday? Write your answer as a decimal rounded to the hundredths place. Do not include the dollar sign as part of your answer. $

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  1. 8 September, 16:39
    0
    65-18=47

    2%47 = 0.94 thats the answer
  2. 8 September, 19:12
    0
    A=P (1+r/n) ^ (nt)

    P=1000 r=2/100=0.02 (decimal) n=1 t=47

    Plug these figures into the formula:

    A=1000 (1+0.02/1) ^ (1 (47))

    2,536.34
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Home » Mathematics » Question 1 options: Jamal deposits $1000 into a savings account on his 18th birthday. If the 2% interest is compounded yearly, how much will he have in the account on his 65th birthday? Write your answer as a decimal rounded to the hundredths place.
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