Jayden opened a savings account and deposited 100.00 as principal. The account earns 15% interest, compounded annually. What is the balance after 5 years?

Solution

Solution

Amount : 201.14

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.15}{1})^{1 \cdot 5}

100 (1 + \frac{0.15}{1})^{1 \cdot 5} = 201.13571 \dots

Round to the nearest hundredth:

201.14

Amount : 201.14

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