Answered

At Westonci.ca, we provide clear, reliable answers to all your questions. Join our vibrant community and get the solutions you need. Discover detailed solutions to your questions from a wide network of experts on our comprehensive Q&A platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

Ken deposits $200 in a savings account with a 1% interest rate per year. If ken makes no other deposit in this account, approximately how much interest will he earn in 5 years?.

Sagot :

Parrain

Based on the amount Ken deposited, the period of compounding, and the interest, the interest earned would be $10.20.

Account balance in 5 years

This can be found as:
= Amount x (1 + rate) ^ number of periods

= 200 x (1 + 1%)⁵

= $210.20

Interest earned

= Balance after 5 years - Amount invested

= 210.20 - 200

= $10.20

In conclusion, the interest was $10.20

Find out more on interest earned at https://brainly.com/question/3766264.

Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.