$53,000 is placed in an investment account that grows at a fixed rate of 2% (compound growth) per year. how much is in the account after four years? round your answer to the nearest whole number.

$57,369

Step-by-step explanation:

We have been given that an amount of $53,000 is placed in an investment account that grows at a fixed rate of 2% (compound growth) per year. We are asked to find the amount in the account after 4 years.

To solve our given problem we will use compound interest formula.\

, where,

A = Final amount after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year,

t = Time in years.

Let us convert our given rate in decimal form.

Upon substituting our given values in compound interest formula we will get,

Therefore, an amount of $57,369 will be in the account after 4 years.

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step-by-step explanation: