Oscar opened a savings account and deposited 100.00 as principal. The account earns 15% interest, compounded monthly. What is the balance after 2 years?

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Solution

Solution

Amount : 134.74

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.15}{12})^{12 \cdot 2}

100 (1 + \frac{0.15}{12})^{12 \cdot 2} = 134.73510 \dots

Round to the nearest hundredth:

134.74

Amount : 134.74

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