Question 920643: how much interest will be earned on a savings account that pays 10% compounded annually, if $12,000 is invested for 2 years?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! how much interest will be earned on a savings account that pays 10% compounded annually, if $12,000 is invested for 2 years?
------
Interest = 12000(1+(0.10/1))^(1*2) - 12000
-----
Int = 12000(1.1)^2 - 12000
Int = 14520-12000
Int = $2520
--------------
Cheers,
Stan H.
--------------
|
|
|
