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An investor deposits $7000 at 16% for 2 years. if there are no witthdrawls or further deposits, find the to?


an investor deposits $7000 at 16% for 2 years. if there are no witthdrawls or further deposits, find the total amount in the account after 2 years?

7000 x 1.16 x 1.16 = 9419

$9,419.20

7000+16%= 8,120.00 First year
8,120.00+16% = 9,419.20 Second year

with an annuual percentage rate of 16% it would be $9419.20

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