Question

Daniel has $30 in a savings account that earns 5%

Answer 1

If Daniel has $30 in a savings account that earns 5% annually and the interest is not compounded,then he will get $33 after 2 years.

Given that Daniel has $30 in a savings account that earns 5% annually and the interest is not compounded.

We are required to find the amount of money that Daniel will get after 2 years.

Since the amount is not compounded so interest will be same in all years as if in the first year.

The interest will be 2*30*0.05=3

The total amount including interest=30+3

=$33

Hence if Daniel has $30 in a savings account that earns 5% annually and the interest is not compounded,then he will get $33 after 2 years.

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