Question

Joseph deposited $60 in an account earning 10% interest compounded annually. To the nearest cent how much will he have in 2years

Answer 1

For this you will use

FV = PV (1+r)^t

FV = Future Value

PV = Present Value

r = rate

t or n = number of periods

$60 is PV

10% (.10) is rate.

2 years is number of periods.

FV = $60(1.10)^2

FV = $72.60

Answer 2

60

_

100 * 10=

Explanation:

6% so that your answer