Mathematics
abdul665
4

what is the balance on a deposit of $1,150 that earns 9% interest compounded annually for 2 years

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(1) Answers
shaun1

Step One: Calculate interest. [latex]1150*0.09=103.5[/latex] Step Two: Calculate the amount at the end of the first year. [latex]1150+103.5=1253.5[/latex] Step Three: Calculate the amount at the end of the second year. This will be your final answer. [latex]1253.5+103.5=1357[/latex] $1357 balance

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