1. you deposit $200 into a savings account with interest compounded. annually, the expression 200(1+R)^

Question

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.

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Answer 1

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