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OpenStudy (anonymous):
Sandra invested $30,000 at 8% interest compounded annually. What will be her total balance at the end of 2 years?
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OpenStudy (anonymous):
the math here is pretty straight forward 30000*(1+0.08)*(1+0.08) or 30,000*1.08^2. This comes out to $34,992. Notice we do the math using the percentage in decimal form!
OpenStudy (anonymous):
also note we did the math twice becuase the 8% gets reapply once a year for two years!
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