Liam puts $2000 in the bank with a 3% annual interest rate compounded annually. if Liam does not touch his money how much money will he have after two years?

A.) 2,000.06

B.) 2,060.00

C.) 2,120.00

D.) 2,121.80

Question

Mathematics

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29 November, 04:47

Liam puts $2000 in the bank with a 3% annual interest rate compounded annually. if Liam does not touch his money how much money will he have after two years?

A.) 2,000.06

B.) 2,060.00

C.) 2,120.00

D.) 2,121.80

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Answers (1)

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Novak · Answer 1

D. He will have $2,121.80.

After one year at 3% interst, $2000 becomes $2000 x 1.03 = $2,060.

During the second year, that $2060 x 1.03 becomes $2121.80

Liam puts $2000 in the bank with a 3% annual interest rate compounded annually. if Liam does not touch his money how much money will he have after two years?A.) 2,000.06B.) 2,060.00C.) 2,120.00D.) 2,121.80

Liam puts $2000 in the bank with a 3% annual interest rate compounded annually. if Liam does not touch his money how much money will he have after two years?

A.) 2,000.06

B.) 2,060.00

C.) 2,120.00

D.) 2,121.80