Gordon opened a savings account and deposited 500.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 2 years?

الحلّ

الحلّ

Amount : 649.8

خطوات الحلّ

Translate the problem into an equation:

A = 500 (1 + \frac{0.14}{1})^{1 \cdot 2}

500 (1 + \frac{0.14}{1})^{1 \cdot 2} = 649.8

Amount : 649.8

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