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Suppose that $6000 is placed in an account that pays 4% interest compounded each year.
Assume that no withdrawals are made from the account.
Follow the instructions below. Do not do any rounding,
(a) Find the amount in the account at the end of 1 year.
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(b) Find the amount in the account at the end of 2 years.
find the amount in the account at the end of 1 year. Find the amount in the account at the end of 2 years.

Sagot :

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Answer:

Step-by-step explanation:

At the end of year 1

6000*(1 + 4%) = 6000 * 1.04 = $6240

at the end of year 2

6000*(1+4%)*(1+4%) = $6489.6

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