SOLUTION: Assume that on January 1st of this year you deposited $1,000 into a savings account that pays 8% interest. If the bank compounds interest annually, how much will you have in your

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Question 256761: Assume that on January 1st of this year you deposited $1,000 into a savings account that pays 8% interest. If the bank compounds interest annually, how much will you have in your account on January 1, 2012?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
1,000(1+.08)^2
1,000*1.08^2
1,000*1.1664=$1,166.40 ans.