Nathan put $200 in a savings account for two years. The interest rate is 5% and will be compounded annually. How much money will
1 answer:
Answer:
Nathan will have $220.5 at the end of the two years.
Step-by-step explanation:
We are given the following in the question:
P = $200
r = 5% = 0.05
t = 2 years
The compound interest is given by:
where A is the amount, p is the principal, r is the interest rate, t is the time in years and n is the nature of compound interest.
Putting values, we get,
For n = 1
Thus, Nathan will have $220.5 at the end of the two years.
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