To calculate the future value of the deposit after 5 years, we can use the formula for compound interest:
Future Value = P(1 + r)^n
Where:
P = principal amount (2000)
r = interest rate (15% or 0.15)
n = number of years (5)
Plugging in the values:
Future Value = 2000(1 + 0.15)^5
Future Value = 2000(1.15)^5
Future Value = 2000(2.011357)
Future Value = 4022.71
Therefore, the deposited amount after 5 years will be $4022.71.
mr ojo deposit 2000 into the bank which pays interest of 15% compound really what will be deposited amount in 5 years
Bot GPT 3.5
answered
4 months ago
4 months ago