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GRE Prep Club Team Member
Joined: 20 Feb 2017
Posts: 2936
Given Kudos: 1286
GPA: 3.39
Lori deposits $100 in a savings account at 2% interest, compounded
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25 Feb 2021, 06:45
25 Feb 2021, 06:45
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Question Stats:
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Lori deposits $100 in a savings account at 2% interest, compounded annually. After three years, what is the balance on the account? (Assume Lori makes no withdrawals or deposits.)
A. 102.25
B. 105.50
C. 106.12
D. 107.37
E. 109.51
A. 102.25
B. 105.50
C. 106.12
D. 107.37
E. 109.51
Lori deposits $100 in a savings account at 2% interest, compounded
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25 Feb 2021, 08:31
25 Feb 2021, 08:31
3
Deposit = 100 = P
Rate = 2% = R
Time = 3 years = N
A = P \((1+\frac{R}{100})^N\)
= 100 \(( 1 + 0.02 )^3\)
= 100 \((1.02)^3\)
A = 106.12
Answer C
Rate = 2% = R
Time = 3 years = N
A = P \((1+\frac{R}{100})^N\)
= 100 \(( 1 + 0.02 )^3\)
= 100 \((1.02)^3\)
A = 106.12
Answer C
Re: Lori deposits $100 in a savings account at 2% interest, compounded
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22 Dec 2024, 20:55
22 Dec 2024, 20:55
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