A principal of $1,000 is invested in an account paying an annual interest rate of 4% using the formula A=P(1+r/n) ^nt
find the amount in the account after 2 years if the account is compounded annually
If $1000 is invested now with simple interest of 8% per year. Find the new amount after two years.P = $1000, t = 2 years, r = 0.08.A = 1000(1+0.08(2)) = 1000(1.16) = 1160
