Try the fastest way to create flashcards
Question

# For an account that earns interest compounded annually, use a calculator to find the balance of the account. Round your answer to the nearest cent. P=\$600 r=9.3%, t=2 years

Solution

Verified
Step 1
1 of 3

Determine the balance of the account, after interest compounded annually.

\begin{align*} A &= P(1 + r)^{t} && \text{Write the formula}\\ &= 600(1 + 9.3\%)^{2} && \text{Substitute the values}\\ &= 600(1 + 0.093)^{2} && \text{Show percent as decimal}\\ &= 600(1.093)^{2} && \text{Add the values}\\ &= 600(1.194649) && \text{Evaluate the power}\\ &= 716.7894 && \text{Multiply the values}\\ \boldsymbol{A} &\boldsymbol{= 716.79} && \text{Rounded off} \end{align*}

## Recommended textbook solutions #### Go Math: Middle School, Grade 7

1st EditionISBN: 9780544056756Holt McDougal
3,175 solutions #### McDougal Littell Pre-Algebra: Practice Workbook

1st EditionISBN: 9780618257522MCDOUGAL LITTEL
2,181 solutions #### Saxon Math, Course 2

1st EditionISBN: 9781591418351Hake, Stephen
4,848 solutions #### Saxon Math, Course 3

1st EditionISBN: 9781591418849Hake
4,042 solutions