Answer:
The amount that will be available n 19 years in bank account will be $6,051.
Step-by-step explanation:
Given : A man invested $2,000 in savings at 6%.
We have to find the amount that will be available in 19 years in bank account.
Using Formula for Compound interest,
[tex]A=P(1+\frac{r}{100})^n[/tex]
Where, A is amount
P is principal value
r is rate of interest
t is time period.
Consider a man invested $2,000 in savings at 6% for 19 years.
Here, P = 2000
r = 6%
t = 19 years
[tex]A=2000(1+\frac{6}{100})^{19}[/tex]
On simplifying, we have,
[tex]A=6051.19[/tex]
Thus, the amount that will be available n 19 years in bank account will be $6,051.
