justin1357911me justin1357911me

04-05-2020
Business

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Yao decides to place a $2,000 deposit at the end of each year into a bond fund that earns 6% annually. Find the amount of the investment in 20 years

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isaacoranseola isaacoranseola

10-05-2020

Answer:

$6414.27

Explanation:

P= C ( 1+r )^t

Where C = $2000, r =6% and t = 20years

P = 2000 ( 1 + 6/100 )^20

P = 2000 ( 1+0.06 )^20

P = 2000 ( 1.06 )^20

P = 2000×3.20713

P = 6414.2709

P = $6414.27

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