Chuck deposits $2000 into a bank account that compounds annually at an interest rate of . Assuming there are no other transactions, what will the balance be after years, in dollars?

Question

Chuck deposits $2000 into a bank account that compounds annually at an interest rate of . Assuming there are no other transactions, what will the balance be after years, in dollars?

Chuck deposits $2000 into a bank account that compounds semi-annually at an interest rate of . Assuming there are no other transactions, what will the balance be after years, in dollars?

Chuck deposits $2000 into a bank account that compounds quarterly at an interest rate of . Assuming there are no other transactions, what will the balance be after years, in dollars?

Chuck deposits $2000 into a bank account that compounds monthly at an interest rate of . Assuming there are no other transactions, what will the balance be after years, in dollars?

Answer 1

The answer will depend on the interest rate.

Answer 2

Chuck deposits $\$2000$ into a bank account that compounds monthly at an annual interest rate of $6\%.$ Assuming there are no other transactions, what will the balance be after $4$ years, in dollars?