anonymous
  • anonymous
Suppose you deposit 2000 in a savings account that pays interest at an annual rate of 4%. If no money is added or withdrawn, determine how much with be in the account after 3 years. HELP!!! MEDAL
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
4% = .04 right?
anonymous
  • anonymous
I believe so
anonymous
  • anonymous
This is a growth or decay equation but its complicated, do you know how?

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anonymous
  • anonymous
So it PAYS at a rate of 4% per YEAR for 3 YEARS
anonymous
  • anonymous
1.04 is your growth per year and your time is 3 years
anonymous
  • anonymous
Do you need me to explain how I got 1.04?
anonymous
  • anonymous
Yes, if you can input the numbers into the equation? I want to see how you did it
anonymous
  • anonymous
Yeah so first we know 4% is .04 If I want it to grow at a % rate I add a one to it, if I wouldnt do this then I would be left with 4% of my current number: 2000*.04 = 80 we know this wouldn't work because 80 < 2000. To be a growth rate we need a number > 2000. 2000* 1.04 = 2080 This is the growth for the first year. You could also do 2000*.04 + 2000 since 2000*.04 + 2000 = 2000*.04 + 2000 * 1 = 2000*1.04
anonymous
  • anonymous
So in short to grow add a one to your percent
anonymous
  • anonymous
So our first year total is 2080 Our second year would be 2080(1.04) and our third year would be (second year total)1.04
anonymous
  • anonymous
AHHH omg
anonymous
  • anonymous
So that's how! Great. THANK YOU SO MUCH!!!!!! I can do my homework with ease. Thank you :) <3
anonymous
  • anonymous
Yeah no problem
ahvei
  • ahvei
ok here is my answer.... So our first year total is 2080 Our second year would be 2080 and our third year would be 1.04
ahvei
  • ahvei
hope this helps
anonymous
  • anonymous
Be nice guys
anonymous
  • anonymous
Sorry
anonymous
  • anonymous
Thanks @swagmaster47 and please behave @ahvei
ahvei
  • ahvei
ok fine sorry
anonymous
  • anonymous
Thanks :), have a great day!

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