Question

Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow?

Answer 1

Answer:

$110

Step-by-step explanation:

A = P(1 + r/n)ⁿ⁺

A = 100(1 + .02/1)¹⁽⁵⁾

A =  100(1.10)

A = $110