Posted by **S Davis** on Saturday, August 23, 2008 at 6:39pm.

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 -
**Ms. Sue**, Saturday, August 23, 2008 at 6:56pm
$7,800 * 0.06 = $468

$7,800 + 468 = $8,268

$8,268 * 0.06 = $496.08

$8,268 + 496.08 = ?

- math -
**PsyDAG**, Saturday, August 23, 2008 at 6:59pm
X = 7800 (1 + .06)(1 +.06)

X = future value = Current value times (1 + interest rate) to the power of how many times the interest is calculated.

This should help you calculate similar problems too.

I hope this helps. Thanks for asking.

## Answer This Question

## Related Questions

- math - If $7,800 is deposited into an account paying 6% interest compounded ...
- Math - Please check my work, thank you If $7,800 is deposited into an account ...
- math - If $3,000.00 is deposited into an account paying 3% interest compounded ...
- math - If $3,000.00 is deposited into an account paying 3% interest compounded ...
- Math - If $3,000.00 is deposited into an account paying 3% interest compounded ...
- math - If $3,000.00 is deposited into an account paying 4% interest compounded ...
- Math 115 - If $9,000.00 is deposited into an account paying 4% interest ...
- math 115 #17 - If $5,600 is deposited into an account paying 5% interest ...
- math115 - Ms. Jefferson has been given a loan of $20,000 for 1 year. If the ...
- mat 115 - If $1,000.00 is deposited into an account paying 3% interest ...

More Related Questions