15 May HOW MUCH TOTAL INTEREST HAVE YOU EARNED AFTER FOUR YEARS?
At the beginning of the year, you put $5,000 in a new savings account that pays 2% annual interest, and you earn interest at the end of every six months. At the end of year two, you deposit an additional $1,000 into the account. At the end of year three, you withdraw $4,000 from the account.
1. Explain which formula you are using and why you are using it.
2. How much money is in your account at the end of two years (before the deposit)?
3. How much money is in your account at the end of four years?
4. How much total interest have you earned after four years?
5. What do you need to be careful about when solving this problem? Be specific.
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