Question

I have a math question I need help answering.

determine the account balance at 2 years if $20,000 was invested in an account that conference annually at 4.5 % per year. Round to the nearest cent.

Answer 1

The answer should be $21,840.50

Explanation:

20000*1.045=a (first year)
a*1.045=b (second year)
b = 21840.5