Mathematics

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?


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shaun1

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

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