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Suppose you deposit $2,000 in a savings account that pays interest at an annual rate of 6%. If no money is added or withdrawn from the account, answer the following questions.
a. How much will be in the account after 4 years?
b. How much will be in the account after 17 years?
c. How many years will it take for the account to contain $2,500?
d. How many years will it take for the account to contain $3,000?

Sagot :

Mhanifaidn

Answer:

  • a. $2480
  • b. $4040
  • c. 4 years and 2 months
  • d. 8 years and 4 months

Step-by-step explanation:

a. Account after 4 years:

  • 2000 + 4*2000*0.06 = $2480

b. Account after 17 years:

  • 2000 + 17*2000*0.06 = $4040

c. Time when account = $2500:

  • 2000 + x*2000*0.06 = 2500
  • 120x = 500
  • x = 500/120
  • x = 4 20/120 = 4 2/12 years = 4 years and 2 months

d. Time when account = $3000

  • 2000 + x*2000*0.06 = 3000
  • 120x = 1000
  • x = 1000/120
  • x = 8 40/120 = 8 4/12 years = 8 years and 4 months
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