Question

Bruce invested $420 at a rate of 4% per year compound interest. Calculate the total amount Bruce has after 2 years. Give your answer correct to 2 decimal places

Answer 1

Answer:

436.96

Step-by-step explanation:

Using the compoybd interest formula A=P(1+R÷N)^nt

A= Final amount 436.96

P= Initial Balance 420

r= interest rate 4%

n= number of times interest applied per time period 2

t = number of times periods elapsed 2