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Andy has 100 in an account. The interest rate is 6% compounded annually.To the nearest cent, how much will he have in 2 years?

Solution

Andy has 100 in an account. The interest rate is 6% compounded annually.To the nearest cent, how much will he have in 2 years?

Solution

Amount : 112.36

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.06}{1})^{1 \cdot 2}

100 (1 + \frac{0.06}{1})^{1 \cdot 2} = 112.36

Amount : 112.36

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