You deposit $1000 in a bank account. The money earns 10% interest, compounded annually. After 2 years, what will your total amount be?

Guest Jan 20, 2022

#1

#2**+1 **

A=P(1+r/n)^(n*t); this is the formula for calculating compound interest. This means the total amount is 1000*(1+(1/10)/1)^(1*2)=1000*(11/10)^2=1000*121/100=10*121=1210 dollars. So your total amount would be 1210 dollars.

ImDecentAtMath
Jan 20, 2022