Concept explainers
To calculate: The total amount of money in savings account after 2 years.
Answer to Problem 40STP
The total amount is $2480.63
Explanation of Solution
Given information: The principal amount is $2250, rate of compound interest is 5%, number of years = 2.
Formula used: The compound interest formula is
Where, A = Total amount including interest, P = principal amount, r =annual rate of interest, t = the number of years.
Calculation:
In the problem given,
P = $2250, r =
The total amount is $2480.63.
Option C is correct.
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