Using the compound interest formula, the amount of money in the man's bank account in the second year is $100352
The compound interest relationship is computed using the relation :
- Final amount = P(1 + r)^t
- P = principal ; r = interest rate ; t = period
Plugging the values into the formula :
Final amount = 80000(1 + 12%)²
Final amount = 80000(1 + 0.12)²
Final amount = 80000(1.12)²
Final amount = $100352
Therefore, the final amount in the second year is $100352
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