Simon deposits $400 in an account that pays 3% Interest compounded annually. What is the balance of Simon's account at the end of 2 years?

asked Sep 15, 2021 172k views

3 votes

Simon deposits $400 in an account that pays 3% Interest compounded

annually. What is the balance of Simon's account at the end of 2 years?

by Mosey

4.9k points

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1 vote

Answer:

The person above me is correct!

4.9k points

7 votes

Answer:

The balance of Simon's account at the end of 2 years:

400 x (1 + 3/100)^2 = 424.36 dollar

Hope this helps!

Dick Eshelman answered Sep 22, 2021

4.3k points

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