Answer: $96.8
Step-by-step explanation:
Formular for Compounding annually :
A =P ( 1 + r/n) ^nt
Where p is the Principal given as $80
r is the rate given as 10% = 10/100 = 0.1
n is the number of times the principal was compounded, given as 1
t is the time, given as 2 years:
Slot the values into the formula:
A= $80 ( 1 + 0.1/1) ^ (1 × 2)
A= $80 ( 1 + 0.1) ^2
A= $80 ( 1.1) ^2
A= $80 (1.21)
A= $80 x 1.21
A= $96.8
96.8 is already rounded to the nearest cent.
