## College Algebra (10th Edition)

We know the following equation: $$A=P(1+ \frac{r}{n})^{nt}$$ Where: P is the principle. A is the amount of interest. r is the rate, expressed as a decimal. t is the time, in years. n is the number of times the interest is compounded per year. Thus, we obtain: $$A=700(1+ \frac{.06}{365})^{365*2}\\ A= 789.24$$