135k views
9 votes
If you invest $200 at an interest rate of 10%, how much money will you have after three years?

User GPrimola
by
3.1k points

1 Answer

12 votes
Well, if it’s just an interest rate of 10% then you would have $220 if you have an interest rate of 10%.


If it’s an annual interest rate (yearly interest rate), then you would have $266.20

1st year: $200 x 1.10 = $220
2nd year: $220 x 1.10 = $242
3rd year: $242 x 1.10 = $266.20
User Andorbal
by
4.0k points