Answer:
The amount after 2 year will be $212.2416
Explanation:
We have given principle amount P = $200
Time period n = 3 years
Rate of interest r = 2 %
We have to find the amount after 2 years if the amount is compounded annually
We know that amount is given by
[tex]A=P(1+\frac{r}{100})^n[/tex]
[tex]A=200(1+\frac{2}{100})^3[/tex]
[tex]A=$212.2416[/tex]
So the amount after 2 year will be $212.2416
