On January 1, 2019, Alex deposited $2,000 into a savingsaccount that pays interest of 10 percent, compoundedannually. If he makes no further deposits or withdrawals,how much will Alex have in his account on December 31,2021 (3 years later)?А. 2600В. 2662C. 2724D. 2200

Deposit amount (P) = $2,000 Interest rate (r) = 10% Period (t) = 3 Years

Answered: On January 1, 2019, Alex deposited…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 21CE

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On January 1, 2019, Alex deposited $2,000 into a savings account that pays interest of 10 percent, compounded annually. If he makes no further deposits or withdrawals, how much will Alex have in his account on December 31, 2021 (3 years later)? А. 2600 В. 2662 C. 2724 D. 2200