$400 invested with compound interest at a rate of 3% per year for 2 years. Formula: M = P(1+ i)n

Answers

Answer 1

Answer:

$424.36

Explanation:

The applicable formula =M= P ( 1+ r)^2

Where M is the amount after two years

P = principal amount: $400

r = interest rate: 3% or 0.03

n =number of period :2

M= $400 x ( 1+ 0.03) ^ 2

M=$400 x 1.0609

M= $424.36


Related Questions

In the case of an expansionary_____policy, the interest rate rises, while in the case of an expansionary _____ policy, the interest rate falls.
Select one:
a. fiscal; monetary
b. monetary, monetary
c. monetary, fiscal
d. fiscal; fiscal

= fiscal; monetary​

Answers

With an expansionary fiscal policy, the interest rate rises, while with an expansionary monetary policy, the interest rate falls.

What is an Expansionary fiscal & monetary policy?

This is when an increases in money supply is stimulated by raising spending or cut taxes while the latter is when the cost of borrowing i reduced to stimulate an economy.

Therefore, the Option A is correct.

Read more about fiscal policy

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