Question

If you put $100 in a savings account with an interest rate of 2% per year and left the money in the account for five years, how much money would be in the account after five years?

Answer 1

Answer:

$510

Step-by-step explanation:

Formula for calculating money with simple interest: principle money × interest rate with 100% × period of time

Total amount of money = 100 × $\frac{100+2}{100}$ × 5

                                       = 510