Question

Alexander invested $240 in an account paying an interest rate of 2.3% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 9 years?

Answer 1

i believe its 295

:)

Answer 2

295

Explanation:

To find this we use the following equation

AV=PV(1+i)^n

Where AV= accumulated value

PV= present value

i= interest rate

so we have

AV=240(1+.023)^9

This is pretty easy to solve and we get

240*1.227

294.50

Which rounds to 295