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13 January, 17:15

Seema deposited $800 in a saving account earning 2.06% compoundedl annually. To

the nearest cent, how much will she have in 10 years? Do not include the dollar sign

in your answer

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Answers (1)
  1. 13 January, 18:13
    0
    980.95

    Step-by-step explanation:

    A = $ 980.95

    A = P + I where

    P (principal) = $ 800.00

    I (interest) = $ 180.95

    Formula:

    Compound Interest Equation

    A = P (1 + r/n) ^nt

    Where:

    A = Accrued Amount (principal + interest)

    P = Principal Amount

    I = Interest Amount

    R = Annual Nominal Interest Rate in percent

    r = Annual Nominal Interest Rate as a decimal

    r = R/100

    t = Time Involved in years, 0.5 years is calculated as 6 months, etc.

    n = number of compounding periods per unit t; at the END of each period
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