Question

Sarah made a deposit of $100 into a savings account with 3

percent interest compounded annually. How much money will
the account yield in five years?
(The options are)
A:$97
B:$103
C:$115
D:$116

Answer 1

Answer: D, $116

Explanation:

A = 100(1 + 0.03)^5

A = 100(1.03)^5

A = 100(1.1593)

A = 115.92

Hope this helped!