Question

A new savings account is opened with $400 and gains 3% every yr. What's the amount after 5 years?

A) $415
B) $463.71
C) $343.49
D) $460.12

Answer 1

End of First year- 412
End of second year =412+ ( 12.36)= 424.36
End of third year = 424.36 + (12.7208)= 437.0808
End of fourth year = 437.08+ ( 13.1124)= 450.1924
End of fifth year = 450.1924 + (13. 505772) = 463.699172