ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bruno was given $2000 when he turned 3 years old. His parents invested it at a 2% interest rate compounded annually . No deposits or withdrawls were made. Which expression can be used to determine how much money Bruno had in the account when he turned 16? (use your Chromebook to look up the formula for Compound Interest ).
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2000(1+0.02)13
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2000(1-0.02)13
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2000(1+0.02)16
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2000(1-0.02)16
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Explanation:
Detailed explanation-1: -The money that should be required when he turned 16 is $2, 587 (approx).
There is 1 question to complete.