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Ryan placed 1,000 in a savings account which compounds interest annually at a rate of 2.5% . How much will he have in the account after 2 years?Round your answer to the nearest dollar.Do NOT round until you have calculated the final answer.

Soluzione

Ryan placed 1, 000 in a savings account which compounds interest annually at a rate of 2.5% . How much will he have in the account after 2 years?Round your answer to the nearest dollar.Do NOT round until you have calculated the final answer.

Soluzione

Amount : 1050.625

Fasi della soluzione

Translate the problem into an equation:

A = 1000 (1 + \frac{0.025}{1})^{1 \cdot 2}

1000 (1 + \frac{0.025}{1})^{1 \cdot 2} = 1050.625

Amount : 1050.625

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