Question

find the balance on a deposit of $1,150 that earns 9% interest compounded annually for 2 years

Answer 1

P = 1150, r = 9% = 0.09 per year, n = 2 years.

A = P(1 + r)ⁿ

A = 1150(1 + 0.09)²

A ≈ 1150(1.09)²  ≈ 1366.32

Amount  ≈ $ 1366.32