Question

you deposit 2,600 into a bank account with a simple interest rate of 8%. How can you find the account balance after 2 years? Then find the account balance after 2 years.

Answer 1

Hi pupil Here's Your answer ::



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It can be solved by Folows :-


$Amount = Principle{(1 + \frac{r}{100}}^{n} )$



$A = 2600{(1 + \frac{8}{100}}^{2} )$



$A = 2600{(\frac{100+8}{100}}^{2} )$



$A = 2600{(\frac{108}{100}}^{2} )$



$A = 2600(\frac{108}{100} )\times(\frac{108}{100})$



$A = 3032.72$



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Hope this helps .....