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using hid total savings jerry would like to save it in a bank with a 5% annual interest for 3 years. How much will be his money in the period of time?​

Sagot :

We don't know the amount of money given. Thus we can only estimate how the amount will increase.

r = 5% = 0.05

t = 3 years

n = 1 (annual)

A = P(1 + 0.05)³

A = 1.157625P

Thus, in 3 years Jerry's savings would increase at 1.157625 times.

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