Answered

Westonci.ca offers fast, accurate answers to your questions. Join our community and get the insights you need now. Get expert answers to your questions quickly and accurately from our dedicated community of professionals. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

You deposit $1,500 into a bank that pays 4ontinuous interest. what is the account balance after 2 years? round your answer to the nearest cent and do not include the dollar sign.

Sagot :

The Interest is the cash paid by the borrower to the moneylender.

The Compound Interest is the sort of interest where the chief sum differs with the adjustment of time.

Given,

Principle Amount (p) = $1500

Interest  (r) = 4%

Time Period (t) = 2 years.

Compound Interest calculation formulae:-

A = P*(1+r/100)^r

A = $1500*(1+4/100)^2

A = $1500*(1+0.04)

A = $1500x1.08

A = $1622.4

The A/C balance after 2 years is $1622.4.

To learn more about Compound Interest.

https://brainly.com/question/14295570

#SPJ4

salupe24

Answer:

The answer to this question is shown in the picture below

Explanation:

View image salupe24
We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.