What is the equation?

Question

You deposit $1600 in a bank a ccount. The balance after 2 years is $1664.64. Write an equation to model the growth of money in your bank account over(time)

Answer 1

1664.64 = 1600(1+r/n)^2n where r= rate of interest and n = number of compounding periods per year

if n = 1 then

1664.64 = 1600(1+r)^2

Answer 2

1664.64 = 1600(1+r/n)^2n where r= rate of interest and n = number of compounding periods per year

if n = 1 then

1664.64 = 1600(1+r)^2