Ask Question
30 November, 03:42

Michelle has $1,393 in a savings account. The interest rate is 9%, compounded annually.

To the nearest cent, how much will she have in 2 years?

$?

0
Answers (1)
  1. 30 November, 05:34
    0
    A = P (1 + r) ^n where P = initial amount, r = interest rate, n = number of years and A = amount after n years.

    So here we have A = 1393 (1 + 0.09) ^ 2 (0.09 = 9%)

    = $1655.02 (answer)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Michelle has $1,393 in a savings account. The interest rate is 9%, compounded annually. To the nearest cent, how much will she have in 2 ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers