Question

If 1,100 is deposited into saving account offering 11% interest paid annually, approximately how much money will be in the account in 10 years?

Answer 1

$2,310.

To convert percent to decimal, you move the ( . ) two, to the left so 11% is 0.11.

1,100 * 0.11=121. 121 is the money that will be put in annually (which means every year unless specified otherwise)

121 * 10=1,210. This is how much interest will be after 10 years.

1,100 + 1,210= 2,310