Question

PLEASE AMSWER BOTH PARTS!! If you put $150 in a savings account that paid 6% compounded yearly, how much would be in your account after 5 years?

How much interest did you earn?

Answer 1

Explanation:

$50.73

$150 x 1.06 = $159 (after 1 year)

$159 x 1.06 = $168.54 (after 2 years)

$168.54 x 1.06 = $178.65 (after 3 years)

$178.65 x 1.06 = $189.37 (after 4 years)

$189.37 x 1.06 = $200.73 (after 5 years)