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OpenStudy (anonymous):
You invest $2,000 in an account that is compounded annually at an interest rate of 5%. You never withdraw money from the account. Which equation below gives the amount of money you will have in the account after t years?
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OpenStudy (sepeario):
Do you know the formula for compound interest?
OpenStudy (sepeario):
P(1+r/)^t
OpenStudy (sepeario):
this formula assumes that the amount is compounded once a year
OpenStudy (sepeario):
hence, 2000(1+0.05)^t = ?
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