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 If no money is added or withdrawn, determine how much with be in the account after 3 years.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

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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 If no money is added or withdrawn, determine how much with be in the account after 3 years.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
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4% = .04 right?
I believe so
This is a growth or decay equation but its complicated, do you know how?

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So it PAYS at a rate of 4% per YEAR for 3 YEARS
1.04 is your growth per year and your time is 3 years
Do you need me to explain how I got 1.04?
Yes, if you can input the numbers into the equation? I want to see how you did it
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
So in short to grow add a one to your percent
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
AHHH omg
So that's how! Great. THANK YOU SO MUCH!!!!!! I can do my homework with ease. Thank you :) <3
Yeah no problem
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
hope this helps
Be nice guys
Sorry
Thanks @swagmaster47 and please behave @ahvei
ok fine sorry
Thanks :), have a great day!

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