Question

(1) Jackson deposits $2,000 into a bank account that earns 3.7% interest per year. What is the total amount in the account after 2 years?

(2) Jen deposits $9,500 into a bank account that pays her 4.5% simple interest for 5 years. How much interesrt will she earn over 5 years

Answer 1

Question 1) $2150.74

Explanation:

100 + 3.7 = 103.7
Divide this by 100 to give you 1.037
Then multiply this by 2,000
$2000 x 1.037^2 = $2150.74
Make sure the square is there to represent the years

This is your answer for 2 years.