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What is the balance on a deposit of $1,150 that earns 9% interest compounded annually for 2 years
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What is the balance on a deposit of $1,150 that earns 9% interest compounded annually for 2 years

User Nsemeniuk
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1 Answer

4 votes
Step One: Calculate interest.


1150*0.09=103.5

Step Two: Calculate the amount at the end of the first year.


1150+103.5=1253.5

Step Three: Calculate the amount at the end of the second year. This will be your final answer.


1253.5+103.5=1357

$1357 balance
User Rob Glassey
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