Mark deposit $2000 into an account that pays an interest rate of 3.5% compounded annually. he doesn't add or remove money from his account for four years. how much money will mark have 4 years?

Total amount of money that Mark will have in 4 years is $2295

Step-by-step explanation:

The initial amount deposited by Mark into the account is $2000 . This means that the principal is

P = $2000

It was compounded annually. This means that it was compounded once in a year. So

n = 1

The rate at which the principal was compounded is 3.5%. So

r = 3.5/100 = 0.035

It was compounded for a total of 4 years. So

n = 4

We will apply the compound interest formula,

A = P(1+r/n)^nt

A = total amount in the account at the end of n years.

A= 2000(1 + 0.035/1)^1×4

A= 2000(1.035)^4

A = 2000 × 1.1475

A = $2295

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step-by-step explanation: