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.
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