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what is the balance on a deposit of $1,150 that earns 9% interest compounded annually for 2 years

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Step One: Calculate interest.

[tex]1150*0.09=103.5[/tex]

Step Two: Calculate the amount at the end of the first year.

[tex]1150+103.5=1253.5[/tex]

Step Three: Calculate the amount at the end of the second year. This will be your final answer.

[tex]1253.5+103.5=1357[/tex]

$1357 balance

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