SOLUTION: A savings account with $2250 has an interest rate of 5%. If the interest is compounded annually, how much will be in the account after two years?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: A savings account with $2250 has an interest rate of 5%. If the interest is compounded annually, how much will be in the account after two years?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1115055: A savings account with $2250 has an interest rate of 5%. If the interest is compounded annually, how much will be in the account after two years?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
FV=2250(1.05)^2
FV=2250(1.1025)
FV=2480.63