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Elena L [17]
3 years ago
11

You deposit $500 in a savings account that earns 2.5% interest compounded yearly. Find the balance in the account after 1 year.

Be sure your answer has a dollar sign. For example: $150.80 *
Mathematics
1 answer:
Viktor [21]3 years ago
4 0

Answer:

$512.5

Step-by-step explanation:

Given data

P= $500

R=2.5%

T= 1 year

The compound interest formula is

A=P(1+r)^t

substitute

A=500(1+0.025)^1

A=500(1.025)

A=500*1.025

A=$512.5

Hence the balance is $512.5

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