Aprincipal of $450 deposited in an account that pays 2.5% interest compounded yearly. find the account balance after 2 years

The amount is $472.93 and the interest is $22.93.

Step-by-step explanation:

STEP 1: To find amount we use formula:

A=P(1+rn)n⋅t

A = total amount

P = principal or amount of money deposited,

r = annual interest rate

n = number of times compounded per year

t = time in years

In this example we have

P=$450 , r=2.5% , n=2 and t=2 years

After plugging the given information we have

=450(1+0.0252)2⋅2=450⋅1.01254=450⋅1.050945=472.93

STEP 2: To find interest we use formula A=P+I, since A=472.93 and P = 450 we have:

A472.93II=P+I=450+I=472.93−450=22.93

ian gonna lie that is way to much