Jane is opening a savings account with an initial deposit of $100. The bank offers a 5% rate compounded annually. What is the value of the savings account after 1 year?

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asked Jan 15, 2022 218k views

1 vote

Jane is opening a savings account with an initial deposit of $100. The bank offers a 5%

rate compounded annually. What is the value of the savings account after 1 year?

Mathematics
high-school

Rameswar Prasad asked

by Rameswar Prasad

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1 Answer

5 votes

Answer:

105 dollars after a year

Explanation:

I = (100)(0.05)(1)

I = 5

JP Alioto answered Jan 19, 2022

by JP Alioto

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