Basic College Mathematics (10th Edition)

Published by Pearson
ISBN 10:
ISBN 13:

Chapter 6 - Percent - 6.8 Compound Interest - 6.8 Exercises - Page 453: 3

Answer

Year 1 total: 520.00 Year 2 total: 540.80

Work Step by Step

Year 1: $500\times.04\times1 = 20$ add principal amount: $520.00$ Year 2: $520\times.04\times1 = 20.80$ add principal amount: $540.80$
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.