What is the total value of an account with a $235 initial deposit that is compounded annually at 4.5% for two years? 1) $256.15 2) $244.40 3) $245.58 4) $256.63

The compound interest formula is:

Amount = Principal ( 1+ rate/number of compounds) ^ number of compounds*number of years

Filling in the given information:
 Amount = 235 * (1+(0.045/1)^1*2

Amount = 235 * (1.045)^2

Amount = 235 * 1.092025

Amount = 256.63

 The answer is number 4