Question

Ryan placed $1,000 in a savings account which compounds interest annually at a rate of 2.5%. How much will he have in the account after 2 years? Round your answer to the nearest dollar. Do NOT round until you have calculated the final answer.

Answer 1

1,050

Explanation:

p=1000

R=2.5%

T=2 years

S.I=?

S.I=PRT÷100

S.I=$50

T.T Amount =P+S.I

Amount=$1,050

Answer 2

1051

Explanation: