Liam puts $2000 in the bank with a 3% annual interest rate compounded annually. if Liam does not touch his money how much money will he have after two years? A.) 2,000.06 B.) 2,060.00 C.) 2,120.00 D.) 2,121.80
2 answers:
D. He will have $2,121.80. After one year at 3% interst, $2000 becomes $2000 x 1.03 = $2,060. During the second year, that $2060 x 1.03 becomes $2121.80
Answer:D)2,121.80
Step-by-step explanation:
For the first year,
3% interest = PRT/100
=2000×3×1 / 100
=6000/100
=60
2000+ 60= 2060
for the second year
3% interest = PRT/100
= 2060 ×3×1 / 100
= 61.8
2060+61.8 = 2121.8
Therefore, after 2 years, he will have 2,121.8
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