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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!


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Dec 11, 2007
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Formula doesnt apply to compounding interest. (so it seems). If you plug it in twice doing it yearly, you will find the correct answer
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