Ask Question
20 November, 05:29

Calculate the balance after two years for the following account. account balance: $1,500.00 interest: 3.5% type of account: annual compound interest

+5
Answers (1)
  1. 20 November, 07:21
    0
    = $ 1,605.00

    Equation:

    A = P (1 + rt)

    Calculation:

    First, converting R percent to r a decimal

    r = R/100 = 3.5%/100 = 0.035 per year,

    then, solving our equation

    A = 1500 (1 + (0.035 * 2)) = 1605

    A = $ 1,605.00

    The total amount accrued, principal plus interest,

    from simple interest on a principal of $ 1,500.00

    at a rate of 3.5% per year

    for 2 years is $ 1,605.00.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Calculate the balance after two years for the following account. account balance: $1,500.00 interest: 3.5% type of account: annual compound ...” 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