Respuesta :
Answer:
$2,587 (approx)
Explanation:
Given:
Principal(P) = $2,000
Interest rate compounded annually(R) = 2% = 0.02
Total number of year Invested(n) = 16 year - 3 year = 13 year
Amount when he turned 16 = ?
Computation of amount:
[tex]Amount = P[(1+r)^n]\\\\= 2,000[(1+0.02)^{13}]\\\\= 2,000[(1.02)^{13}]\\\\= 2,000 \times1.2936\\\\= 2,587.2132[/tex]
Therefore , Bruno receive $2,587 (approx)
The money that should be required when he turned 16 is $2,587 (approx).
Calculation of the money:
Since the Principal(P) = $2,000
Rate of interest on annual basis (R) = 2% = 0.02
Number of year Invested(n) = 16 year - 3 year = 13 year
So, the amount is
= P(1 + r)^n
= $2,000(1+0.02)^13
= $2,000(1.2936)
= $2,587
hence, The money that should be required when he turned 16 is $2,587 (approx).
Learn more about rate here: https://brainly.com/question/24316795