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A savings account balance is compounded annually. If the interest rate is 2% per year and the current balance is $1,377.00 what will the balance be in 15 years?

A savings account balance is compounded annually. If the interest rate is 2% per year and the current balance is $1,377.00 what will the balance be in 15 years?
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A savings account balance is compounded annually. If the interest rate is 2% per year and the current balance is $1,377.00 what will the balance be in 15 years?

asked
User Nallath
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9.6k points

1 Answer

4 votes
The amount would be 1377+206.55= 1583.55
answered
User Yuval Adam
by
8.8k points
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