dirgoperadiego8239 dirgoperadiego8239
  • 25-06-2020
  • Mathematics
contestada

If Connie deposits $100 into a savings account with a 3% annual interest rate and doesn't withdraw any of the money for 2 years, what will her balance be at the end of 2 years?

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samuelonum1
samuelonum1 samuelonum1
  • 25-06-2020

Answer:

The final amount/ her balance after two years is $106.09

Step-by-step explanation:

We are going to assume that the balance compounds every year

applying the compound interest formula we have

[tex]A= P(1+r)^t[/tex]

where

A, final amount

P, Principal= $100

r, Rate= 3%= 0.03

T, time= 2years

substituting our values into the formula we have

[tex]A= 100(1+0.03)^2\\A=100(1.03)^2\\A=100*1.0609\\A=106.09\\[/tex]

The final amount/ her balance after two years is $106.09

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