Tiana opened a savings account and deposited 700.00 as principal. The account earns 2% interest, compounded annually. What is the balance after 2 years?

Solución

Solución

Amount : 728.28

Pasos de solución

Translate the problem into an equation:

A = 700 (1 + \frac{0.02}{1})^{1 \cdot 2}

700 (1 + \frac{0.02}{1})^{1 \cdot 2} = 728.28

Amount : 728.28

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