Today Joelle opened an interest-bearing savings account and deposited $6,000. If the annual interest rate is 4 percent compounded interest, and she neither deposits nor withdraws money for exactly 2 years, how much money will she have in the account?	Choose the correct choice from the following.
A) $6,048.00 B) $6,240.00 C) $6,450.00 D) $6,480.00 E) $6,489.60
To calculate the interest earned on the account over two years, we use the following formula:   Interest = Deposit × Interest Rate × Number of Years   Interest = $6,000 × 0.04 = $240.   So, the amount of money in the account after 2 years is:   Total Amount = Initial Deposit + Interest Earned   Total Amount = $6,240(1.04) = 6,489.60.   The correct answer is choice ($6,489.60).
<result>E</result>
Today Joelle opened an interest-bearing savings account and deposited $6,000. If the annual interest rate is 4 percent compounded interest, and she neither deposits nor withdraws money for exactly 2 years, how much money will she have in the account?