Stanley puts $100 in the bank for two years at 5% interest compounded annually. At the end of the two years, what is his balance?

100 ∗ 0.05 = 5 <-- interest earned per year
100 + 5 = 105 <-- at the end of one year
105 + 5 = 110 <-- at the end of two years
His balance will be $110.

Answered by iloveonedirection | 2024-06-10

The answer is $110. Hope I could help! :D

Answered by UnicornCatGirl | 2024-06-12

After two years, Stanley's balance will be $110.25, calculated using the compound interest formula. The principal amount of $100 earns 5% interest compounded annually. By applying the formula, we find that the accumulated amount is $110.25.
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Answered by iloveonedirection | 2024-12-20