Question


M.13 Compound interest
EHZ
Baldwin deposited $1,011 in a savings account earning 2% interest, compounded annually.

To the nearest cent, how much will he have in 2 years?

Use the formula = (1 + ), where is the balance (final amount), is the principal (starting amount), is the interest rate expressed as a decimal, and is the time in years.

geez - enough already!

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