Question

you deposit $3350 into a savings account that earns 5% interest compounded annually. Find the balance of the account after 2 years

Answer 1

$3702.32

Explanation:

We use the formula B=Pe^(rt)

B=3350e^(0.05*2)

B=3350e^0.1

B=3702.32

So about $3702.32