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Dalton has $40 in an account that earns 10% interest compounded annually. To the nearest cent, what will be the total amount of money in his account after two years? $52.25 $40.00 $8.40 $48.40
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Dalton has $40 in an account that earns 10% interest compounded annually.

To the nearest cent, what will be the total amount of money in
his account after two years?

$52.25

$40.00

$8.40

$48.40

User Will Abule
by
8.0k points

1 Answer

3 votes
$48.40
Formula for compound intrest = a(1+r/10)^n
40(1+10/100)^2
40x(11/2)^2
=48.4
User Andres D
by
8.4k points
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