If micheal invests $2000 in the bank at a rate of 5.5% for 6 years how much interest will he make? help me plz

Question

If micheal invests $2000 in the bank at a rate of 5.5% for 6 years how much interest will he make?

help me plz

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Eirian 3 years 2021-08-27T04:15:43+00:00 2 Answers 12 views 0

Answers ( )

  1. Nick
    0
    2021-08-27T04:16:59+00:00
    Reply

    Future Value of Annuity Due

    P = 2,000

    r = 5.5% (0.055)

    n = 6

    1.055 * (2,000 * [(1 + 0.055)^6 – 1)/(0.055)])

    = 14,533.79

  2. Vodka
    0
    2021-08-27T04:17:42+00:00
    Reply

    Answer:  14,533.79 don´t take my word for it

    Step-by-step explanation:

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