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If you deposit $5000 into an account that pays 3% annual Interest compounded -annually, how much money will you have after 2 years?
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3 votes
If you deposit $5000 into an account that pays 3% annual Interest compounded -annually, how much money will you have after 2 years?

User Vedavis
by
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1 Answer

3 votes

Answer:

$5130.84

Explanation:

100 + 3 = 103%

103% = 1.013

$5000 x 1.013^2 = $5130.84

Hope this helps!

User Shane Castle
by
4.5k points
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