jack is invested in $2500 in a mutual account that pays 4% annually. how much will his mutual stocks be worth in 5 years

Question

Mathematics

Kelvin Bullock

4 March, 05:05

jack is invested in $2500 in a mutual account that pays 4% annually. how much will his mutual stocks be worth in 5 years

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Answers (2)

Know the Answer?

Bella · Answer 1

Year 1: $2500*1.04=$2,600

year 2: $2600*1.04=$2,704

year 3: $2704*1.04=$2,812.16

year 4: $2812*1.04=$2,924.65

year 5: $2924.65*1.04=$3,041.64

His mutual stocks will be worth $3,041.64 in 5 years.

Kinsley Simon · Answer 2

Well since he left it for 5 years we do the following steps - >

5 years and 4% every year that's 20% in total.

0.20 or 0.2 * 2500 = 500 is 20% of the 2500.

Now add 2500 + 500 = 3000

Your answer is 3000. Hope I'm right