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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.

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