Answered

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Suppose $500 is invested at a bank that offers 4% interest compounded annually. Write and evaluate an expression to determine the balance after two years

Sagot :

The expression that can be used to determine the balance after two years is $500(1.04)².

The balance in the account increases at an exponential rate. Exponential growth is when the rate of growth increases with the passage of time. The formula that can be used to determine the balance after two years is:  

  • FV = P (1 + r)^n
  • FV = Future value  
  • P = Present value  
  • R = interest rate  
  • N = number of years  

$500 x (1.04)² = $540.80.

To learn more about future value, please check: https://brainly.com/question/18760477

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