What will the balance be if you use compound interest for a 2,000 deposit compound interest compounded annually at 6% for 2 years

$2,247.20

Step-by-step explanation:

Lets use the compound interest to solve this problem:

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First, change 6% into a decimal:

6% -> -> 0.06

Now, plug the values into the equation:

The balance after 2 years will be $2,247.20

step-by-step explanation:

p = 6s

step-by-step explanation: