Suppose you deposit $1500 in a savings account that pays interest at an annual rate of 4%. If no money is added or withdrawn from the account, answer the following questions.
a. How much will be in the account after 4 years?
b. How much will be in the account after 18 years?
c. How many years will it take for the account to contain $2000?
d. How many years will it take for the account to contain $2500?
b. After 18 years, the account will contain $2748.
c. It will take 10 years for the account to contain $2000.
d. It will take 17 years for the account to contain $2500.
