Toby invested $4500 for 2 years in a savings account. He was paid 4% per annum compound interest. How much did Toby have in his savings account after 2 years?
1 Answer
Oct 21, 2017
$4847.20
Explanation:
Here principal (P) is $4500, period (t) is 2 years and rate of interest (r) is 4% compounded annually. We have to find out the total amount (A)i.e. principal+interest after 2 years.
We know