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2 years ago

$800 at 7% compounded annually for 2 years

Mathematics

1 answer:

Marina86 [1]2 years ago

7 0

Answer:

$115.92

Step-by-step explanation:

To calculate compound interest, which Amount - Principal but we dont know the value for amount so we find the amount first by using the formula.

A = P ( 1 + <u>R</u> ) ^n

100

where p = principal ($800)

a = amount (?)

r = interest rate (7%)

n = time ( no of years) (2)

A = 800 ( 1 + <u>7 </u>) ^2

100 A = 800 ( 1 + 0.07) ^2

A = 800 ( 1.07)^2 = 800 ( 1.1449)

A = 915.92.

We then find compound interest with:

C = Amount - Principal = $915.92 - $800 = $115.92

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