Question

If you put $10 each week into a savings account that paid 6% interest compounded yearly, how

much money would you have in your account after three years?
(solution needed)

Answer 1

1279.2

Explanation:

$10 x 52 weeks a year = $520 per year

$520x3 years= $1560

%6 interest of $1560 yearly would be $93.60

$93.60x3 years would be 280.80

$1560-280.80=1279.2