SOLUTION: Susan opened a savings account with $750 at 2.9 percent annual interest. If she keeps the money in the account for 2 years, what is the total amount in the account?
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Question 852666: Susan opened a savings account with $750 at 2.9 percent annual interest. If she keeps the money in the account for 2 years, what is the total amount in the account? Answer by harpazo(655) (Show Source):
M = P( 1 + i )^n
M is the final amount including the principal.
P is the principal amount.
i is the rate of interest per year.
n is the number of years invested.
M = 750(1+0.029)^2
Plug into calculator and solve for M.
