$53,000 is placed in an investment account that grows at a fixed rate of 2% (compound growth) per year. how much is in the account after four years? round your answer to the nearest whole number.

Answer:$57,369Step-by-step explanation:We have been given that an amount of $53,000 is placed in an investment account that grows at a fixed rate of 2% (compound growth) per year. We are asked to find the amount in the account after 4 years.To solve our given problem we will use compound interest formula.\[tex]A=P(1+\frac{r}{n})^{nt}[/tex], where,A = Final amount after t years,P = Principal amount,r = Annual interest rate in decimal form,n = Number of times interest is compounded per year,t = Time in years.Let us convert our given rate in decimal form.[tex]2\%=\frac{2}{100}=0.02[/tex]Upon substituting our given values in compound interest formula we will get,[tex]A=\$53,000(1+\frac{0.02}{1})^{1*4}[/tex][tex]A=\$53,000(1+0.02)^{4}[/tex][tex]A=\$53,000(1.02)^{4}[/tex][tex]A=\$53,000*1.08243216[/tex][tex]A=\$57368.90448\approx \$57,369[/tex]Therefore, an amount of $57,369 will be in the account after 4 years.