SOLUTION: You deposit $1200 into a savings account that earns 3% interest compounded anually. Find the balance of the account after 2 years.

SOLUTION: You deposit $1200 into a savings account that earns 3% interest compounded anually. Find the balance of the account after 2 years.

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Question 125491:
You deposit $1200 into a savings account that earns 3% interest compounded anually. Find the balance of the account after 2 years.
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
p(1+r)^t where p=the principle r=annual rate & t=number of years.
1200(1+.03)^2
1200(1.03)^2
1200*1.0609=$1,273 is the amount after 2 years.
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