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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?
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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?

User Mosey
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8.1k points

2 Answers

1 vote

Answer:

The person above me is correct!

User Kevin Junghans
by
9.2k 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!

:)

User Dick Eshelman
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8.7k points
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