Question

If you deposit $2,500 into your savings account and your bank pays you 7% annual compound interest, how much will you have in 3 years?

Answer 1

Explanation: 7/100=0.7

2500*0.7*3=5250

5250/2500=2.1

2.1*3*0.7=4.41

4.41*2.1=9.261

Hence you will have 9.261 in 3 years