Question

When Martin graduates college, he is gifted $1,200 and puts the money into a savings account that earns 2.2% annual interest. How much money will Martin have in 2 years? How much money will Martin have in 5 years?

Answer 1

2 years = 1252.80 5 years =1332

Explanation:

1,200 x 2.2% = 26.4

26.40 x 2 = 52.80

1200 + 52.80 = 1252.80

26.40 x 5 =132

1200 + 132 =1332