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What is the interest earned in a savings account after 12 months on a balance of $2500 if the interest is 1% APY compounded yearly

What is the interest earned in a savings account after 12 months on a balance of $2500 if the interest is 1% APY compounded yearly
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2 votes
What is the interest earned in a savings account after 12 months on a balance of $2500 if the interest is 1% APY compounded yearly

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User Prince Ashitaka
by
8.0k points

1 Answer

4 votes

Explanation:

The 1% interest gained in a year is just .01 * $ 2500 = 25 dollars

answered
User IVarun
by
8.4k points
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