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Zolol [24]
3 years ago
15

If you have $100 in a savings account earning 3% interest per year, how much will you have in

Mathematics
2 answers:
ASHA 777 [7]3 years ago
6 0

Answer:

$106

Step-by-step explanation:

You have 100$ in savings account

Interest rate =3%

Time = 2 years

<u>Total in 2 years:</u>

  • 100 + 2*3% = 100 *1.06= $106

defon3 years ago
3 0

The interest formula is as follows:

Amount Invested · Rate = Interest Earned

If we invest $100 at 3% interest per year,

how much do we earn that year?

Well based on our formula, we can simply multiply 100 · 3%.

Think of the 3% as 3/100.

So we have 100 · 3/100 and the 100's cancel and we're left with 3.

So $3 is earned in 1 year.

So after two years, you will have double that or $6.

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