Mr. Wilkins deposited $2,500 in a new account at his bank.
The bank pays 6.5% interest compounded annually on his account.
Mr. Wilkins makes no additional deposits or withdrawals.
Which amount is closest to the balance of the account at the end of 2 years?
Answers
Answered by
0
Answer:
2835.5625 Rupees
A= 2500[1+6.5/100]²
A= 2500×[106.5/100]²
A= 2500×106.5/100×106.5/100
A=2835.5625
Is it correct?
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Answered by
0
Answer:
Mr. Wilkins will have $2725.00 in 2 years.
Step-by-step explanation:
y=0.065x+2500 is the equation that shows how much money will be in Mr. Wilkins' bank account. Since the 6.5% is added annually, you can find the amount that will be in his bank account in 2 years by using the equation ((0.065*2500)*2)+2500.
((0.065*2500)*2)+2500 = ((162.5)*2)+2500 = 325+2500 = 2725.
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