1 point Suppose you put $100 in a savings account and the interest rate is 2% per year. You leave the account alone (no withdrawals and not additional contributions) for 5 years. What would be the account balance after 5 years? Exactly $110 More than $110 Less than $110
Added by Montserrat B.
Close
Step 1
02 * $100) = $102. Show more…
Show all steps
Your feedback will help us improve your experience
Tommy Nguyen and 86 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Applying Economic Concepts Suppose that you deposit $\$ 100$ into your savings account, which earns 3 percent interest per year. Use what you've learned about calculating interest to determine how much money you'll have in your account at the end of one year and at the end of six years.
Financial Markets
Savings and Investment
You invest $1100 in an account that pays 2% compounded annually. What is the balance after two years? The balance after two years is $
Vishal P.
A savings account earns 4% annual simple interest. The principal is $1,100. What is the balance after 5 years?
William F.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD