Arithmetic Ability
Compound Interest

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Q.

Simon deposits $400 in an account that pays 3% interest compounded annually. What is the balance of Simon’s account at the end of 2 years?

View Answer

Correct choice: A

Explanation:

I=Prt I=12 Balance = P +Prt 412 Find the balance at the end of the second year. I = Prt=12.36 Balance =P + Prt 424.36
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