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Larry invests $100 in a savings plan. The plan pays 5 1/2% interest each year on his account balance. How much will Larry earn in interest after 3 years? after 5 years?

Larry invests $100 in a savings plan. The plan pays 5 1/2% interest each year on his account balance. How much will Larry earn in interest after 3 years? after 5 years?
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Larry invests $100 in a savings plan. The plan pays 5 1/2% interest each year on his account balance. How much will Larry earn in interest after 3 years? after 5 years?

asked
User Jasonjwwilliams
by
7.7k points

1 Answer

4 votes

Answer:

Interest after 3 years = $16.5

Interest after 5 years = $27.5

answered
User Daniel Lyon
by
7.9k points
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