3 years ago

Find the balance on a deposit of $1,150 that earns 9% interest compounded annually for 2 years

1 answer:

8 0

P = 1150, r = 9% = 0.09 per year, n = 2 years.

A = P(1 + r)ⁿ

A = 1150(1 + 0.09)²

A ≈ 1150(1.09)² ≈ 1366.32
<span>
Amount </span> ≈ $ <span>1366.32</span>

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~~~~~~~~~~~~\textit{quadratic formula}\\\\
\begin{array}{lcccl}
h=& -16 t^2& +0 t& +255\\
&\uparrow &\uparrow &\uparrow \\
&a&b&c
\end{array} 
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