Question

A man deposited $80,000.00 in a bank at 12% compound interest per annum. How much did the man have in the bank at the second year

Answer 1

The amount that the man have in his bank at the second year is $100,352.

Using this formula

A=P(1+R÷100)^n

Where:

A=Amount

P=Principal=$80,000

R=Rate=12%

n=Number of years=2 years

Let plug in the formula

A=$80,000(1+12÷100)^2

A=$80,000(1+0.12)^2

A=$80,000(1.12)^2

A=$80,000(1.2544)

A=$100,352

Inconclusion the amount that the man have in his bank at the second year is $100,352.

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