Answered

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Hi Can Ask If You Know What The Answer To This Is class=

Sagot :

Answer:

a) The amount of money that will be in the account after 2 years = $11444.4

b) The interest earned = $444.4

Explanation:

The principal, P = $11000

The interest rate, r = 2% = 2/100

r = 0.02

Number of times interest is compounded per year, n = 1

Time, t = 2 years

The amount after 2 years is calculated below

[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ \\ A=11000(1+\frac{0.02}{1})^{1(2)} \\ \\ A=11000(1.02)^2 \\ \\ A=11444.4 \end{gathered}[/tex]

The amount of money that will be in the account after 2 years = $11444.4

The interest = Amount - Principal

Interest = $11444.4 - $11000

Interest = $444.4

The interest earned = $444.4

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