A principal of $1,000 is invested in an account paying an annual interest rate of 4% using the formula A=P (1+r/n) ^nt

find the amount in the account after 2 years if the account is compounded annually

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Mathematics

Larry Medina

28 February, 23:41

A principal of $1,000 is invested in an account paying an annual interest rate of 4% using the formula A=P (1+r/n) ^nt

find the amount in the account after 2 years if the account is compounded annually

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Homer · Answer 1

If $1000 is invested now with simple interest of 8% per year. Find the new amount after two years. P = $1000, t = 2 years, r = 0.08. A = 1000 (1+0.08 (2)) = 1000 (1.16) = 1160

A principal of $1,000 is invested in an account paying an annual interest rate of 4% using the formula A=P (1+r/n) ^ntfind the amount in the account after 2 years if the account is compounded annually

A principal of $1,000 is invested in an account paying an annual interest rate of 4% using the formula A=P (1+r/n) ^nt

find the amount in the account after 2 years if the account is compounded annually