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How much money will $9800 be worth in two years if the money is deposited at 5 percent interest compounded annually
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5 votes
How much money will $9800 be worth in two years if the money is deposited at 5 percent interest compounded annually

User Doreen
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2 Answers

6 votes
original amount = 9800
after one year = 9800(1.05) = 10290
after 2nd year = 10290(1.05) = 10804.5
User Mustafa Arslan
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7.2k points
5 votes
$9800+5%($9800)+5%($9800)
$9800+10%($9800)
$9800+$980
$10,780
User NorseGaud
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7.5k points
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