heydihernandez63
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Suppose Manuel places $9500 in an account that pays 11% interest compounded each year.
Assume that no withdrawals are made from the account.
Follow the instructions below. Do not do any rounding.
(a) Find the amount in the account at the end of 1 year.
$0
(b) Find the amount in the account at the end of 2 years.
$0

Suppose Manuel places 9500 in an account that pays 11 interest compounded each year Assume that no withdrawals are made from the account Follow the instructions class=

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petegaffney
Year One

11% of $9500 is $1045

(9500/100 *11)

Total in account at end of Year One is $10,545

(9500 + 1045)

Year Two

11% of $10,545 is $1159.95

(10545/100 * 11)

Total in account at end of Year Two is $11,704.95

(10545 + 1159.95)

ANSWERS

(a) $10,545
(b) $11,704.95

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