sagaciousblinka sagaciousblinka
  • 25-10-2021
  • Mathematics
contestada

per
A man deposited $80,000.00 in
bank at a 12% compound interest
annum. How much did the man have
in the bank at the second year?
e

Respuesta :

fichoh
fichoh fichoh
  • 29-10-2021

Using the compound interest formula, the amount of money in the man's bank account in the second year is $100352

The compound interest relationship is computed using the relation :

  • Final amount = P(1 + r)^t

  • P = principal ; r = interest rate ; t = period

Plugging the values into the formula :

Final amount = 80000(1 + 12%)²

Final amount = 80000(1 + 0.12)²

Final amount = 80000(1.12)²

Final amount = $100352

Therefore, the final amount in the second year is $100352

Learn more : https://brainly.com/question/18112348

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