Imagine that two years ago you inherited $20,000 and put it in an account paying a fixed 8% annual interest rate.To the nearest dollar,how much money do you have in your account now?
A)$22,880.00
B)$23,200.00
C)$23,232.00
D)$23,328.00

Question

Quizplus · Accepted Answer

The account earns compound interest annually. After two years, the amount is calculated as $20,000 * (1 + 0.08)^2 = $23,328.

Imagine That Two Years Ago You Inherited $20,000 and Put