2.5% of what is 2.21?
2 answers:
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Answer:
$2,851.80
Step-by-step explanation:
Lets use the compound interest formula to solve:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
First, change 1.1% into a decimal:
1.1% -> -> 0.011
Next, plug the values into the equation:
She will have $2,851.80 after 5 years.