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Larry invests $100 in a savings plan. The plan pays 4 ½% interest each year on his $100 account balance. How much money will Larry earn in interest after 3 years? After 5 years?
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Larry invests $100 in a savings plan. The plan pays 4 ½% interest each year on his $100 account balance. How much money will Larry earn in interest after 3 years? After 5 years?

User Gustavo Reyes
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2 Answers

5 votes
113.5 and 125.5 I think
User Bgoldst
by
8.5k points
10 votes
Interest = (principal or amount invested) • (interest as a decimal) • (time in years)
I = (100)•(0.045)•(3) = $13.50
and
I = (100)•(0.045)•(5) = $22.50
User Mattgi
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8.1k points
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