Question

PLEASE HELP!!

Suppose Lamar places
$4500 in an account that
pays 9% interest
compounded each year.

Assume that no withdrawals
are made from the account.

Follow the instructions
below.

Do not do any
rounding.

(a) Find the amount in the
account at the end of 1 year.

$__

(b) Find the amount in the
account at the end of 2
years.

$__

Answer 1

A) $4,905 B) $5,310

Explanation:

To get the answer, just simply add the amount by the percentage.

4,500 + 9% = A

For 2 years, just do 9 x 2 = 18 because it's 2 years

4,500 + 18% = B