Answered: Your bank pays 2.6% interest per year.…

Your bank pays 2.6% interest per year. You put $1,400 in the bank today and $500 more in the bank in one year. How much will you have in the bank in 2 years? ***

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EB: You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how...

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Question

Your bank pays 2.6% interest per year. You put $1,400 in the bank today and $500 more in the bank in one year. How
much will you have in the bank in 2 years?
In two years, the amount that you will have is:
(Round to the nearest cent.).

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