Algebra 2 college

Question

Suppose that  $2000 is invested at a rate of 2% compounded annually. Assuming that no withdrawals are made, find the total amount after 8  years.Do not round any intermediate computations, and round your answer to the nearest cent. 

Answer 1

2000(1+r)^t where = rate of interest and t = number years, compounded annually

= 2000(1+0.02)^8 r=2% = 0.02, t=8

= 2000(1.02)^8

=2000(1.126162419)

= $2,252.32 rounded to nearest cent