Question

Use the formula for Interest:

P = 500
r = 6.6%
Y = 2
A = ?

A) $217.80
B) $21,780
C) $1377.80
D) $568.18

Answer 1

A=P(1+rt)
A=500(1+6.6%)^2
A=$568.18
Answer is D

Answer 2

The correct answer is D $568.18

Explanation:

The formula of interest is A=P (1+r)ⁿ

A=Final amount

P= Principal ( deposit)

r= interest rate

Y=n= time

Solving,

A=P (1+r)ⁿ

A=500(1+0,066)^2

A=$568.18