Question

1. you deposit $200 into a savings account with interest compounded. annually, the expression 200(1+R)^
2, where R is the interest rate, gives the account balance after 2 years. Expand this expression and simplify. Find the account balance if R=0.04.

THANKS!!!!! A LOT!!

Answer 1

P = 200 (1+R)^n
P = 200 (1.04)^2
= $216.32