Need help asap important! thanks so much! Suppose you deposited $300 in the bank and left it there for 2 years. If the bank

pays 7% interest, compounded each year, how much money would you have at

the end of the 2 years? You may use a calculator. (Hint: Make a chart showing each

year’s balance and interest.)

You would have $343.37 at the end of the 2 years.

Step-by-step explanation:

Interest earned is like bonus money the bank pays you just for keeping money

P: the starting balance of the account (also called initial deposit, or principal)

A: the new balance in the account after N years.

t: the number of years or time

r: the interest rate, (in decimal form)

n: the number of times the interest is compounded each year.

Annually = each year = 1

P =$300, r = 7%, t = 2, n = 1, A = ?

Substitute the numbers into the "Compound Interest Formula".

So you would have $343.37 at the end of the 2 years.

Look at the chart

the answer is c

step-by-step explanation: