Question

A man deposits $45 000 in a savings account.

Compound interest is paid at 3.5% calculated
at the end of each year.
How much will be in the bank account at
the end of 2 years?​

Answer 1

3150

Explanation:

principal =45000

compound interest =3.5%

Time =2years

then,

3.5/100*45000=1575

2years

1575*2=3150