Homework Help: Math

Posted by Stacy on Friday, June 1, 2007 at 1:00pm.

I posted before, But I did not understand the link I was give...Please someone help me!
If $7,800 is depostied into an account paying 6% interest compounded annually ( at the end of each year), how much money is in the account after 2 years?
How would I set this up?

First, multiply $7,800 x 1.06. That will give you the amount in the account after one year. Then multiply that answer by 1.06 to find how much is in the account after two years.

Amount= 7800(1+i)² where i is .06

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