mr ojo deposit 2000 into the bank which pays interest of 15% compound really what will be deposited amount in 5 years

User Icon for Bot GPT 3.5 Bot GPT 3.5 answered
4 months ago
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.