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qaws [65]
2 years ago
15

Suppose you have $100 in a saving account earning 2 percent interest a year.after five year how much would you have

Business
2 answers:
arlik [135]2 years ago
6 0

Answer: Roughly $110.40

Explanation:

100 x (1.02)^5

The 1.02 is just 100 percent of the number plus the 2 percent interest you make.

likoan [24]2 years ago
4 0

Answer:

$110.41

Explanation:

Provided that the interest is a<em> "compounding interest," </em>you will have $110.41 in 5 years. A compounding interest allows you to<em><u> calculate the interest you can earn on your </u></em><em><u>accumulated interest over time in addition to your deposit</u></em>.

Let's calculate the interest on a yearly basis.

1. First year = $100 x 20% (0.02) = $2

<em>You have to add $2 to the initial deposit of $100.</em>

  • $100 + $2 = $102

2. Second year = $102 x 20% (0.02) = $2.04

  • $102 + $2.04 = $104.04

3. Third year = $104.04 x 20% (0.02) = $2.0808

  • 104.04 + $2.0808 = $106.1208

4. Fourth year = $106.1208 x 20% (0.02) = $2.122416

  • $106.1208 + $2.122416 = $108.243216

5. Fifth year = $108.243216 x 20% (0.02) = $2.16486432

  • $108.243216 + $2.16486432 = $110.408 or $110.41

<em>After five years, you will have $110.41.</em>

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