Question

1 1) $940 at 8.8% for 2 years 2. A) $1,146.80 B) S82.72 C) $1,022.72 D) $220.65​

Answer 1

Final Amount = $1,112.72 (Approx.)

Explanation:

Given:

Amount deposit = $940

Rate = 8.8%

Time = 2 year

Find:

Final Amount

Computation:

Final Amount = P[1+r]ⁿ

Final Amount = 940[1+8.8%]²

Final Amount = $1,112.72 (Approx.)