Every year you deposit $2,000 into an account that earns 2% interest per year. What will be the balance of your account immediately after the 30th deposit?

Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter9: The Basic Tools Of Finance
Section: Chapter Questions
Problem 3CQQ
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Every year you deposit $2,000 into an
account that earns 2% interest per year.
What will be the balance of your account
immediately after the 30th deposit?
Select one:
a. $210,000
O b. $180,000
c. $145,000
d. $154,000
e. $139,580
Transcribed Image Text:Every year you deposit $2,000 into an account that earns 2% interest per year. What will be the balance of your account immediately after the 30th deposit? Select one: a. $210,000 O b. $180,000 c. $145,000 d. $154,000 e. $139,580
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