George deposited $900 in an account that earns 5% annual compounded annually. How much
1 answer:
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ANSWER
EXPLANATION
Recall that,
But we were given that,
and
We substitute these values into the above formula to obtain,
This implies that,
This simplifies to,
So we can now find
We use the same formula again,
We substitute the values to get,
We multiply out to get,
EXPLANATION
Recall that,
But we were given that,
and
We substitute these values into the above formula to obtain,
This implies that,
This simplifies to,
So we can now find
We use the same formula again,
We substitute the values to get,
We multiply out to get,