Question

Lakeesha deposits $1500 into a Young Savers account. The account receives 4% interest compounded annually. What is the balance in Lakeesha's account after 2 years? After 3 years?

Answer 1

In fact I think the person above me is wrong, here is why:

4 percent (interest) of 1500 = 60

Therefore,

1 year= 1560

2 years = 1620

3 years = 1680

Answer 2

1,622 after 2 years at 4% interest. $1,687 after 3.

Explanation:

My explanation has been provided in the image linked.