I posted before, But I did not understand the link I was give...Please someone help me!
If $7,800 is depostied into an account paying 6% interest compounded annually ( at the end of each year), how much money is in the account after 2 years?
How would I set this up?
First, multiply $7,800 x 1.06. That will give you the amount in the account after one year. Then multiply that answer by 1.06 to find how much is in the account after two years.
Amount= 7800(1+i)2 where i is .06