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If you put $100 in a savings account with an interest rate of 5% per year and left the money in the account for five years, how much would you have in the account at the end of the 5th year?
in Financial Literacy by Diamond (40.2k points) | 6 views

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We will use simple interest basis,

 A = P(1 + in)

A = 100(1 + 0.05(5) )

    = $125 at the end of 5th year.
by Silver Status (31.3k points)

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