Answer:
$4.32
Step-by-step explanation:
8% can be represented as 1.08
2 x 1.08 = 2.16
2 x 1.08 x 1.08 = 2.33
2 x 1.08 x 1.08 x 1.08 = 2.52
etc. all the way up to 10
Answer:
$1,065.71
Step-by-step explanation:
use the compound interest formula: A = P(1 + r/n)^nt where:
P = principal, $2
r = interest rate, 8% = .08
t = term, in years; 10
n = # of times per year compounding occurs; 1
A = 2(1 + .08/10)^10(1)
A = 2(1 + .008)^10
A = 2(1.008)^10
A = 2.008^10
A = 1065.71
