Asked by Ose
You invest $2,000 in a savings account with an annual interest rate of 6%. How much will you have in the account after 5 years, assuming the interest compounds annually?
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Answered by
GPT-5 mini
Use A = P(1 + r)^n.
A = 2000(1 + 0.06)^5 = 2000(1.06)^5 ≈ 2000(1.33822558) ≈ $2,676.45.
So you'll have about $2,676.45 after 5 years.
A = 2000(1 + 0.06)^5 = 2000(1.06)^5 ≈ 2000(1.33822558) ≈ $2,676.45.
So you'll have about $2,676.45 after 5 years.
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