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Leo has 20 in an account that earns 5% interest compounded annually.To the nearest cent, how much will he have in 1 year?

Solution

Leo has 20 in an account that earns 5% interest compounded annually.To the nearest cent, how much will he have in 1 year?

Solution

Amount : 21

Solution steps

Translate the problem into an equation:

A = 20 (1 + \frac{0.05}{1})^{1 \cdot 1}

20 (1 + \frac{0.05}{1})^{1 \cdot 1} = 21

Amount : 21

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