Percy has $100 in a savings account. The interest rate is 5% per year and is not compounded. How much will he have in 1 year?

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asked Jun 6, 2021 36.7k views

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Steven Surowiec · Answer 1 · 2021-06-10T18:10:34+0000

Answer:The compound interest formula is an equation that lets you estimate how much you will earn with your savings account. It's quite complex because it takes into consideration not only the annual interest rate and the number of years but also the number of times the interest is compounded per year.

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Percy has $100 in a savings account. The interest rate is 5% per year and is not compounded. How much will he have in 1 year?

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