Answer:
The total balance of his account after 2 years=$581.875
Step-by-step explanation:
The formula for calculating the compound interest is given as;
A=P(1+r/n)^nt
where;
A=Total amount after a given period of time
P=Initial deposit
r=annual Interest rate
n=number of times the interest is compounded annually
t=number of years the deposit is in the account
In our case;
P=$190
r=75%=75/100=0.75
n=1
t=2 years
Replacing;
A=190(1+0.75/1)^(1×2)
A=190(1.75)^2
A=190×3.0625
A=$581.875
The total balance of his account after 2 years=$581.875
