Suppose you invest $2000 at annual interest rate of 4.5 % How much money do you have in the account after five years? Round two decimal places.

compounded quarterly $

compounded semi-annually $

Please check the explanation.

Step-by-step explanation:

To find the amount we use the formula:

Here:

A = total amount

P = principal or amount of money deposited,

r = annual interest rate

n = number of times compounded per year

t = time in years

Given

P=$2000

r=4.5%

n=4

t = 5 years

Calculating compounded quarterly

After plugging in the values

Thus, If you deposit $2000 into an account paying 4.5% annual interest compounded quarterly, you will have $2501.50 after five years.

Calculating compounded semi-annually

n = 2

Thus, If you deposit $2000 into an account paying 4.5% annual interest compounded semi-annually, you will have $2,498.41  after five years.

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