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Annabelle sold cookies for a fundraiser. She deposited the 125 she earned in a savings account. The account earns 5.5% compounded annually. If she does not make any deposits or withdrawals for 2 years, how much will she have in her account?

Solution

Solution

Amount : 139.13

Solution steps

Translate the problem into an equation:

A = 125 (1 + \frac{0.055}{1})^{1 \cdot 2}

125 (1 + \frac{0.055}{1})^{1 \cdot 2} = 139.128125

Round to the nearest hundredth:

139.13

Amount : 139.13

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