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Kelsey has 100 in an account. The interest rate is 11% compounded annually.To the nearest cent, how much will she have in 2 years?

Solution

Kelsey has 100 in an account. The interest rate is 11% compounded annually.To the nearest cent, how much will she have in 2 years?

Solution

Amount : 123.21

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.11}{1})^{1 \cdot 2}

100 (1 + \frac{0.11}{1})^{1 \cdot 2} = 123.21

Amount : 123.21

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