Answer:
You would have $343.37 at the end of the 2 years.
Step-by-step explanation:
Interest earned is like bonus money the bank pays you just for keeping money
P: the starting balance of the account (also called initial deposit, or principal)
A: the new balance in the account after N years.
t: the number of years or time
r: the interest rate, (in decimal form)
n: the number of times the interest is compounded each year.
Annually = each year = 1
P =$300, r = 7%, t = 2, n = 1, A = ?
Substitute the numbers into the "Compound Interest Formula".
So you would have $343.37 at the end of the 2 years.
Look at the chart
