Cassie opened a savings account and deposited $100.00 as principal. The account earns 9% interest, compounded annually. What is the balance after 2 years?

Question

asked Aug 27, 2023 22.2k views

1 Answer

Nikos Fotiadis · Answer 1 · 2023-09-01T18:44:47+0000

Answer:

$118.81

Explanation:

you would plug in the values to the formula to get

100(1+.09)^2

.09 represent 9% and 2 represent the years

it would then come out to $118.81