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10 August, 06:31

Savings Account You deposit $1800 into a savings account that

earns 2% interest compounded annually. Find the balance after

2 years.

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Answers (1)
  1. 10 August, 06:41
    0
    1st year interest = Price x time x rate

    = $1800 x 1 x 0.02

    = $36

    2nd Year interest = Price x time x rate

    = $1836 x 1 x 0.02

    = $36.72

    Total Interest = $36+$36.72

    = $72.72
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