Question

Stanley puts $100 in the bank for two years at 5 % interest compounded annually. At

the end of the two years, what is his balance?

Answer 1

The answer is $110. Hope I could help! :D

Answer 2

`100*0.05=5` <-- interest earned per year


`100+5=105` <-- at the end of one year


`105 + 5=110` <-- at the end of two years

His balance will be $110.