John invests $2000 in a savings account paying interest at an annual rate of 4.5% compounded monthly. His balance after t years is given by A(t)=2000(1.00375)^(12t)

a(1)= ______ keep 2 decimal places. This quantity means that, after 1 year the balance is increasing at the rate of ____ dollars per year.

[I keep getting 2091.88 for a(1) :/. What I've been doing 2000(1.00375)^(12)(1) ---- 2000(1.04593938)^1]

Question

John invests $2000 in a savings account paying interest at an annual rate of 4.5% compounded monthly. His balance after t years is given by A(t)=2000(1.00375)^(12t)

a(1)= ______ keep 2 decimal places. This quantity means that, after 1 year the balance is increasing at the rate of ____ dollars per year.

[I keep getting 2091.88 for a(1) :/. What I've been doing 2000(1.00375)^(12)(1) ----> 2000(1.04593938)^1]

anonymous · Answer

I'm getting 2091.88 per year as well. Were you given the right answer, or just told that it's incorrect?

anonymous · Answer

I mean 2091.88 after one year.

anonymous · Answer

Hm...seems like my classes online homework submission system is acting up again. I'll send an email over to my professor then. Thanks for checking over it :]!