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Anna opened a savings account and deposited $300.00 as principal. The account earns 1%
interest, compounded annually. What is the balance after 2 years?

Respuesta :

Naseeem88

Answer:

$6

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 1%/100 = 0.01 per year,

then, solving our equation

I = 300 × 0.01 × 2 = 6

I = $ 6.00

The simple interest accumulated

on a principal of $ 300.00

at a rate of 1% per year

for 2 years is $ 6.00.

englanda1
Times 300 by the 1%, in this case 0.01. Then add that amount to 300. Hope that helps.

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