Question

8) A bank pays interest of 11%. Mamuru puts $5000 in the bank.

How much money does he have after:
a) one year?
b) three years?
c) five years?

Answer 1

Assuming that the interest Is paid out yearly After one year he would have $5550 After 3 years he would have $6838.16 After 5 years he would have $8425.29