Question

Mary invests 12000 in a saving account.

the account pays 1.5% compound interest per year
work out the value of her investment after 2 years

Answer 1

In 2 years, you will have $12,362.70

Explanation:

Use the formula A=P(1+r/n)^nt.

A = final amount

P = initial principal balance

r = interest rate

n = number of times interest applied per time period

t = number of time periods elapsed