Ask Question
15 March, 09:24

Suppose that $3500 is placed in an account that pays 2% interest compounded each year. Assume that no withdrawals are made from the account.

Follow the instructions below. Do not do any rounding.

(a) Find the amount in the account at the end of year 1.

$?

(b) Find the amount in the account at the end of year 2.

$?

+5
Answers (1)
  1. 15 March, 09:36
    0
    1% of $3500 is $35

    Double that means

    2% is $70

    So first year would be $3570

    Now

    1% of $3570 is $35.70

    2% is $71.40

    So second year would be

    $3641.40
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Suppose that $3500 is placed in an account that pays 2% interest compounded each year. Assume that no withdrawals are made from the ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers