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anonymous

  • one year ago

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 If no money is added or withdrawn, determine how much with be in the account after 3 years.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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  1. anonymous
    • one year ago
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    4% = .04 right?

  2. anonymous
    • one year ago
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    I believe so

  3. anonymous
    • one year ago
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    This is a growth or decay equation but its complicated, do you know how?

  4. anonymous
    • one year ago
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    So it PAYS at a rate of 4% per YEAR for 3 YEARS

  5. anonymous
    • one year ago
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    1.04 is your growth per year and your time is 3 years

  6. anonymous
    • one year ago
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    Do you need me to explain how I got 1.04?

  7. anonymous
    • one year ago
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    Yes, if you can input the numbers into the equation? I want to see how you did it

  8. anonymous
    • one year ago
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    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

  9. anonymous
    • one year ago
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    So in short to grow add a one to your percent

  10. anonymous
    • one year ago
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    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

  11. anonymous
    • one year ago
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    AHHH omg

  12. anonymous
    • one year ago
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    So that's how! Great. THANK YOU SO MUCH!!!!!! I can do my homework with ease. Thank you :) <3

  13. anonymous
    • one year ago
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    Yeah no problem

  14. ahvei
    • one year ago
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    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

  15. ahvei
    • one year ago
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    hope this helps

  16. anonymous
    • one year ago
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    Be nice guys

  17. anonymous
    • one year ago
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    Sorry

  18. anonymous
    • one year ago
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    Thanks @swagmaster47 and please behave @ahvei

  19. ahvei
    • one year ago
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    ok fine sorry

  20. anonymous
    • one year ago
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    Thanks :), have a great day!

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