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Mathematics 21 Online
OpenStudy (anonymous):

Suppose that 7000 is placed in an account that pays 18% interest compounded each year. Assume that no withdrawals are made from the account. Follow the instructions below. Do not do any rounding. Find the amount in the account after 1 year 8260.00 find the amount in the account after 2 years 9746.80 Did I do this right?

OpenStudy (dwelsher):

looks like it to me

OpenStudy (wolf1728):

Yes, I'd say both totals are correct. Here's a good compound interest calculator for you to check your work: http://www.1728.org/compint.htm (I used it to check your calculations).

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