Posted by isabel on Tuesday, October 28, 2008 at 3:15pm.
you deposit $ 900 in a savings account that earns 4%interest coumpounded once a year and has no service charges. you donot make any deposits or withdrawals to the account for two years. at the end of two years, after the second year's interest has been added to the account by the bank, how much money will be in the account?
- math - taylor, Tuesday, October 28, 2008 at 3:54pm
because 900* .04= 36
37.44+ 936= 973.44
beacuse 4% in decimal form is .04 and 4% is earned each year hope this helps!
- math - Kelsie, Tuesday, October 28, 2008 at 10:33pm
You would want to set up a porportion.
------ = -------
So then your going to cross multiply.
4x900=3600 Then your going to divide by the remaining number.
so then your going to take 36 and x it by 2. Then add that number too 900.
You should get $972 if you the equation right.
Hope that helps.
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