Maya puts 800.00 into an account to use for school expenses. The account earns 2% interest, compounded annually. How much will be in the account after 10 years?

Solution

Solution

Amount : 975.2

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.02}{1})^{1 \cdot 10}

800 (1 + \frac{0.02}{1})^{1 \cdot 10} = 975.19553 \dots

Round to the nearest hundredth:

975.2

Amount : 975.2

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