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At the end of every year Mr. E deposits $2,000 into a savings account that earns interest at a 6% compounded annual rate. What will his account balance be after 9 years have passed

Respuesta :

Answer:

A = $3378.95

Explanation:

Given data:

Deposit amount = $2000

Compound annual rate 6%

Duration of deposition = 9 yr

amount after 9 year can be computed by using following formula[tex]A = P(1+ \frac{r}{n})^{nt}[/tex]

plugging all value in above formula

where n = 1,

P = 2000

r = 0.06

t = 9 year

interest is compounded annually

[tex]A = 2000 ( 1 + \frac{0.06}{1}^{1\times 9}[/tex]

A = $3378.95

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