If $7,800 is deposited into an account paying 6% interest compounded annually at the end of each year, how much money is in the account after 2 years?
math - drwls, Thursday, July 31, 2008 at 12:13pm
Multiply $7800 by 1.06, TWICE (once for each year). That will give you the answer.
Doing the calculation yourself will be a good exercise.