Question

Elaine opened a saving account with a deposit of $1000. The interest on her account is compounded

each year at a rate of 2%. Elaine will not make any additional deposits to or withdrawals from her
account. What will be the balance in Elaine's account at the end of 3 years? Round your answer to the
nearest whole dollar.
Record your answer and fill in the bubbles on your answer document. Be sure to use the correct place
value

Answer 1

$1,061

Explanation:

Simply find out 2% of the value before, then do that two times more.