Answered

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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.

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