Answer
Year 1 total: 520.00
Year 2 total: 540.80
Work Step by Step
Year 1: $500\times.04\times1 = 20$
add principal amount: $520.00$
Year 2: $520\times.04\times1 = 20.80$
add principal amount: $540.80$
Basic College Mathematics (9th Edition)
by Lial, Margaret L.; Salzman, Stanley A.; Hestwood, Diana L.
Published by
Pearson
ISBN 10:
0321825535
ISBN 13:
978-0-32182-553-7
Chapter 6 - Percent - 6.8 Compound Interest - 6.8 Exercises - Page 455: 3
Update this answer!
You can help us out by revising, improving and updating this answer.
Update this answerAfter you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.
