Answer:
The amount in the account after 2 years is $421.04
Step-by-step explanation:
Given as :
The principal deposited into account = p = $400
The rate of interest applied = r = 2.6%
The time period = t = 2 year
Let The amount for 2 years in the account = $A
<u>From Compound Interest method</u>
Amount = Principal ×
Or, $A = p ×
Or, $A = $400 ×
Or, $A = $400 × (1.026)²
Or, $A = $400 × 1.0526
∴ A = $ 421.04
So, The amount = A = $421.04
Hence The amount in the account after 2 years is $421.04 Answer