Larry invests $100 in a savings plan. The plan pays 4 ½% interest each year on his $100 account balance. How much money will Lar

Question

Bond [772]

3 years ago

12

Larry invests $100 in a savings plan. The plan pays 4 ½% interest each year on his $100 account balance. How much money will Lar

ry earn in interest after 3 years? After 5 years?

Mathematics

2 answers:

Vlada [557] · Answer 1 · 2022-05-06T00:02:21+03:00

Vlada [557]3 years ago

6 0

113.5 and 125.5 I think

nikitadnepr [17] · Answer 2 · 2022-05-06T02:25:11+03:00

nikitadnepr [17]3 years ago

3 0

Interest = (principal or amount invested) • (interest as a decimal) • (time in years)
I = (100)•(0.045)•(3) = $13.50
and
I = (100)•(0.045)•(5) = $22.50