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Dylan invested $600 in a savings account at 1.6% annual interest rate. he made no deposits or withdrawals on the account for two years. The interest was compounded annually. find to the nearest cent the balance in the account after two years.

The formula is A=p(1+r)^t

Respuesta :

Miyuko
Ok so formula is A=p(1+r)^t
A=600 (1+.016)squared
A=$619.35

Hope that helped :)

abidemiokin

The nearest cent for the balance in the account after two years is $619.35

Exponential functions

The standard equation for the exponential function is given as:

A= P(1+r)^t

where

P is the amount invested = $600

r is the rate = 1.6% = 0.016
t is the time . = 2 years

Substitute

A= 600(1+0.016)^2
A =600(1.0332)
A= $619.35

Hence the nearest cent for the balance in the account after two years is $619.35

Learn more on compound interest here: https://brainly.com/question/24924853

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