Question

If I put $300 in an account that earns 5.5% compounded yearly, how much will there be in the account at the end of 21 years

Answer 1

answer:

$646.50

work:

5.5% of 300 is 16.50

16.50×21 (how long it is in there)=346.50

346.50(how much you made in 21 years)+300(the amount already in)= $646.50