Answer:
below
Step-by-step explanation:
that is the procedure above
The balance in the account after 2 years is $619.35.
The compound interest for an amount depends on both Principal and interest gained over periods.
Dlan invested $600 in a savings account at a 1.6% annual interest rate.
He made no deposits or withdrawls on the account for 2 years.
The balance in the account after 2 years is given by;
[tex]\rm Amount =Principal(1+rate)^{time}[/tex]
Substitute all the values in the formula
[tex]\rm Amount =Principal(1+rate)^{time}\\\\\rm Amount =600(1+0.016)^2\\\\ Amount =600(1.016)^2\\\\ Amount = 600 \times 1.03\\\\Amount =619.35[/tex]
Hence, the balance in the account after 2 years is $619.35.
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