Jon opened a savings account and deposited 800.00 as principal. The account earns 2% interest, compounded annually. What is the balance after 6 years?

Solución

Solución

Amount : 900.93

Pasos de solución

Translate the problem into an equation:

A = 800 (1 + \frac{0.02}{1})^{1 \cdot 6}

800 (1 + \frac{0.02}{1})^{1 \cdot 6} = 900.92993 \dots

Round to the nearest hundredth:

900.93

Amount : 900.93

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