Marquis invested $ 15,000 into his savings account with an instrest rate 12% compounded annually. find the balance after 2years , 5years , 9years, and 12 years

Question

irishboy123 · Answer

total at start --->> 15 -->> total after 1 year: 15•(1+0.12) -->> total after 2 years: 15•(1+0.12)•(1+0.12)

any good to you?

mathstudent55 · Answer

Since it is only two years, you can easily use @IrishBoy123 's method above. If it were many years, then using the compound interest formula would be faster.

irishboy123 · Answer

theses the compound interest formula set out explicitly for 2 years.  i thought it would be helpful to do that in this instance though you are correct that over, say, 20 years it might not be efficient!!!!

anonymous · Answer

for 2 years i got this|dw:1425842745876:dw|