Suppose that $2000 is invested at a rate of 3.2% compounded annually, assuming that know withdrawals or made find the total amount after nine years.

Question

Suppose that $2000 is invested at a rate of 3.2% compounded annually assuming that No withdraws are made find

the total amount after nine years.

Answer 1

A=2000(1+.032)^9

= 2000(1.032)^9

=$2655.51 after 9 years at 3.2% compounded annually