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Answer 1

Using the compound interest formula, the amount of money in the man's bank account in the second year is $100352

The compound interest relationship is computed using the relation :

• Final amount = P(1 + r)^t

• P = principal ; r = interest rate ; t = period

Plugging the values into the formula :

Final amount = 80000(1 + 12%)²

Final amount = 80000(1 + 0.12)²

Final amount = 80000(1.12)²

Final amount = $100352

Therefore, the final amount in the second year is $100352

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