X · 1 + x/1 = _____.
1 answer:
You might be interested in
Answer:
<h2> <u>$884.749</u></h2>Step-by-step explanation:
Amount is expressed as
A is the amount compounded after 2 years
P is the amount deposited (Principal)
r = rate (in %)
t = time taken (in years)
n = 1 year (since interest was compounded annually)
Given P = $818, r = 4%, t = 2 years
On substituting;
Therefore, balance on the deposit of $818, earning 4% interest compounded annually for 2 years is <u>$884.749</u>