Allie deposited $80 in a savings account earning 10% interest, compounded annually. To the nearest cent, how much will she have in 2 years?

The amount she have in two years is $96.8.

Given that,

Allie deposited $80 in a savings account earning 10% interest, compounded annually.

We have to determine,

How much will she have in 2 years.

According to the question,

Principal = $80,

Interest r = 10% = 0.1,

Time = 2 years

The amount she have in two years can be determined by following formula given below.

Substitute all the values in the formula,

Hence, The amount she have in two years is $96.8.

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$96.8

Step-by-step explanation:

Formular for Compounding annually :

A =P ( 1 + r/n) ^nt

Where p is the Principal given as $80

r is the rate given as 10% = 10/100 = 0.1

n is the number of times the principal was compounded, given as 1

t is the time, given as 2 years:

Slot the values into the formula:

A= $80 ( 1 + 0.1/1) ^ (1 × 2)

A= $80 ( 1 + 0.1) ^2

A= $80 ( 1.1) ^2

A= $80 (1.21)

A= $80 x 1.21

A= $96.8

96.8 is already rounded to the nearest cent.

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