Question

Desmond has $90,000 in a savings account. The interest rate is 8 % per year and is not compounded. How much will he have in 3 years?

Answer 1

$111,600

Explanation:

8% of $90,000 is $7,200

$7,200 x 3 = $21,600

90,000 + 21,600 = $111,600