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- Feb 29, 2012
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a fixed savings account entitled to a yearly compound interest rate of 2% was opened with a single deposit of $1000. what will be the account balance 2 years from now?
im using the equation I=Prt and keep having the answer as $1040.00. the answer from achiever states its $1040.40 which doesnt make sense to me. any help is appreciated. thanks!
im using the equation I=Prt and keep having the answer as $1040.00. the answer from achiever states its $1040.40 which doesnt make sense to me. any help is appreciated. thanks!