[tex]\begin{gathered} C=\text{ \$5,000} \\ i=2.5\text{ \%=0.025} \\ t=2\text{ years, but one year has 12 months, hence} \\ t=24 \\ F=? \\ F=C(1+i)^t \\ F=(5,000)(1+0.025)^{24} \\ F=(5,000)(1.025)^{24} \\ F=9,043.63 \\ A)\text{ He will have \$9,043.63 in his account} \\ \\ B)\text{ earned=9,043.63-5,000} \\ earned=4,043.63 \\ He\text{ has earned \$4,043.63} \end{gathered}[/tex]
