Question

Reggie deposited $1200 into an account that earns 5% compound interest yearly if he does not deposit any more to the account or take any money out of the account how much interest will Reggie earn on his investment at the end of four years round your answer to the nearest whole number

Answer 1

$1,440

Explanation:

1,200 / 10 = 120. 120 is 10%. So this means that 5% is $60. 60 x 4 = 240.

1,200 + 240 = 1,440