Question

Mary has $100 in savings. She earns 5% each month. How much will she have after 1 month? After 3 months

Answer 1

after one month = 100*.05=

$5 earned + $100 already there= $105

after 2 months = $105*.05=

$5.25 earned + $105 already there= $110.25

after 3 months = $110.25*.05=

$5.51 earned + $110.25 already there=

$115.76 is how much she'll have in the account after 3 mos.