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31 December, 01:59

Suppose that $6500 is placed in an account that pays 3% interest compound each year. Assume that no withdrawals are made from the account

Find the amount in the account at the end of 1 year

Find the amount in the account at the end of 2 years

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  1. 31 December, 03:57
    0
    1 year:

    The amount is $6695 and the interest is $195

    2 years:

    The amount is $6895.85 and the interest is $395.85.
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