find the amount at compound interest that #600 would be at 3% the end of the first year, 2% at the end of the second year
1 answer:
Step-by-step explanation:
First we find the interest at the end of the first year.
Principal = #600
Rate = 3%
Time = 1 year
Interest =
= #18
Amount = #618 at the end of the first year
Now at the end of the second year.
Principal now = #618
Rate now = 2%
Time = 1 year
Interest =
= #12.36
Amount = #630.36 at the end of the second year
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