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Mandy opened a savings account and deposited 300.00 as principal. The account earns 10% interest, compounded monthly. What is the balance after 2 years?Round your answer to the nearest cent.

Solution

Solution

Amount : 366.12

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.1}{12})^{12 \cdot 2}

300 (1 + \frac{0.1}{12})^{12 \cdot 2} = 366.11728 \dots

Round to the nearest hundredth:

366.12

Amount : 366.12

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