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Suppose 20,000 is deposited into an account paying 4.5% interest, compounded annually. How much money is in the account after four years if no withdrawals or additional deposits are made?

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解答

Suppose20,000isdepositedintoanaccountpaying4.5%interest,compoundedannually.Howmuchmoneyisintheaccountafterfouryearsifnowithdrawalsoradditionaldepositsaremade?

解答

Amount:23850.37
求解步骤
Translate the problem into an equation:A=20000(1+10.045​)1⋅4
20000(1+10.045​)1⋅4=23850.37201…
Round to the nearest hundredth:23850.37
Amount:23850.37

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