Question

Emily's parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded annually, what will be the total balance after 2 years?

Answer 1

Answer:

principal=1500, year =2 , Rate of interest=8.25

interest = principal × rate of interest × year =2÷100

15×2×8.25

15×2×825÷100

30×825÷100

3×825÷10

2475÷10

247.5

Amount= principal+ Interest

Amount= 1500+ 247.5

Amount= 1747.5