radomes.openskiesproject.org
cadejock cadejock
  • 06-03-2014
  • Mathematics
Answered

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

Verified Answer :

iloveonedirection
iloveonedirection iloveonedirection
  • 24-07-2014

Step One: Calculate interest.

\(1150*0.09=103.5\)

Step Two: Calculate the amount at the end of the first year.

\(1150+103.5=1253.5\)

Step Three: Calculate the amount at the end of the second year. This will be your final answer.

\(1253.5+103.5=1357\)

$1357 balance

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