Michael invested S1800 into an account that pays 496 interest, compounded annually. What is

the balance in his account after 2 years?

Balance after 2 years=2,792

Step-by-step explanation:

To calculate the total amount Michael will have after 2 years, we can express this as;

Total amount=Initial investment+Annual interest

For the first year;

Initial investment=1800

Annual interest=496

replacing;

Total amount = (1,800+496) = 2,296

For the second year;

Initial investment=2,296

Annual interest=496

replacing;

Total amount after 2 years = (2,296+496) = 2,792

Balance after 2 years=2,792