Answer:
Balance of the account after 5 year = $2,577 (Approx)
Step-by-step explanation:
Given:
Initial deposit = $2000
Annual yield (r) = 5.2% = 5.2 / 100 = 0.052
Number of year (n) = 5 year
Find:
Balance of the account after 5 year = ?
Computation:
[tex]Amount = Initial\ deposit(1+r)^n\\\\Amount = 2,000(1+0.052)^5\\\\Amount = 2,000(1.052)^5\\\\Amount = 2,000(1.28848302)\\\\Amount = 2,576.96604[/tex]
Balance of the account after 5 year = $2,577 (Approx)
