You put $250 in an account that earns 4% interest per year. What is the balance of the account after 5 years?

Question

You put $250 in an account that earns 4% interest per year. What is the balance of the account after 5 years?

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Autumn 1 week 2021-09-15T05:32:27+00:00 2 Answers 0

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    0
    2021-09-15T05:33:39+00:00

    Answer:

    The answer is 300 dollars

    Step-by-step explanation:

    0
    2021-09-15T05:34:13+00:00

    Answer:

    $300

    Step-by-step explanation:

    the first step is to work out how much 1% is. to do this divide the total by 100

    250 รท 100 = 2.5 (= 1%)

    Now, as person gains 4% every year, multiply 2.5 by 4

    2.5 x 4 = 10 (how much they gain each year)

    as we are trying to work out how much after 5 years, multiply 1 years amount by 5

    10 x 5 = 50 (how much they will gain after 5 years)

    $250 + $50

    = $300

    I hope this helped ๐Ÿ™‚

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