Answer to Question #233734 in Civil and Environmental Engineering for Alan Enrico V Tuib

Question #233734
Suppose that $2000 is deposited in an account that earns 6% interest. How much is in the account
a. after 5 years?
b. after 10 years?
c. after 20 years?
d. after 50 years?
e. after 100 years?
1
Expert's answer
2021-09-09T00:33:17-0400

"a)\\\\\nA= P(1+r)^n= 2000(1+0.06)^5 =\\$ 2676.45\\\\\nb)\\\\\nA= P(1+r)^n= 2000(1+0.06)^{10} =\\$ 3581.69\\\\\nc)\\\\\nA= P(1+r)^n= 2000(1+0.06)^{20} =\\$ 6414.27\\\\\nd)\\\\\nA= P(1+r)^n= 2000(1+0.06)^{50} =\\$ 36840.30\\\\\ne)\\\\\nA= P(1+r)^n= 2000(1+0.06)^{100} =\\$ 678604.16\\\\"


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