Question

You start a bank account with $100, that has an annual rate of 4%. Find the balance in the account at 12 years if there are no deposits or withdrawals

Answer 1

If it is not compounded continuously then it is...
origianal amount(1+rate)^time
100(1+.04)^12
100(1.04)^12
100(1.60103221857)
160.103221857
$160.10