GENERAL INSTRUCTIONS: ENTER YOUR ANSWER WITHOUT THE $ SIGN AND COMMA, BUT FORMATTED IN DOLLARS WITH TWO

DECIMAL PLACES, for instance if you compute $$77,342\mathrm{.}6478$ then ENTER $77342\mathrm{.}65$ AS YOUR ANSWER. DO NOT ROUND IN YOUR

CALCULATION STEPS $($use calculator memory functions$)$ TO AVOID ROUNDING ERRORS. There is a little bit of tolerance built into

accepting$/$rejecting your answer, but if you round in your intermediate calculations you may be too far off.

You deposit $$2,000$ into an investment account today, and leave it in the account for $3$ years. No other money is added to the account

in the future. Assuming annual rate of return of $8\%,$ what will be the balance in your account at the end of year $3?$

Answer: