Question

$27,200 at 9% compounded annually for 2 years

Answer 1

A = $32316.30

Explanation:

Simple Interest Rate Formula: A = P(1 + r)ⁿ

Step 1: Define variables

Principal amount P = 27200

Rate r = 9% or 0.09

Number of years n = 2 years

Step 2: Substitute and Evaluate for A

A = 27200(1 + 0.09)²

A = 27200(1.09)²

A = 27200(1.1881)

A = 32316.30