You deposit $200 in an account earning 2% interest compounded annually how much will you have any account in 10 years

Question

You deposit $200 in an account earning 2% interest compounded annually how much will you have any account in 10 years

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Diễm Kiều 4 years 2021-08-09T11:21:38+00:00 1 Answers 8 views 0

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  1. thienthanh
    0
    2021-08-09T11:23:26+00:00
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    Answer:

    $243.80

    Step-by-step explanation:

    You basically just multiply this by 1.02, then multiply the answer of that by 1.02, etc, until you did it 10 times in total. There is also the formula

    P (1 + r/n)^(nt)

    Where

    A     =       final amount

    P = initial principal balance

    r = interest rate

    n = number of times interest applied per time period

    t = number of time periods elapsed

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