Question 1 options: Jamal deposits $1000 into a savings account on his 18th birthday. If the 2% interest is compounded yearly, how much will he have in the account on his 65th birthday? Write your answer as a decimal rounded to the hundredths place. Do not include the dollar sign as part of your answer. $

Question

Gregory Caldwell

8 December, 18:21

+5

Answers (2)

Know the Answer?

Konner Blackwell · Answer 1

A=P (1+r/n) ^ (nt)

P=1000 r=2/100=0.02 (decimal) n=1 t=47

Plug these figures into the formula:

A=1000 (1+0.02/1) ^ (1 (47))

2,536.34

Titan · Answer 2

65-18=47

2%47 = 0.94 thats the answer