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5 January, 06:32

Mackenzie has $70 in a savings account. The interest rate is 5%, compounded annually.

To the nearest cent, how much will she have in 1 year?

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  1. 5 January, 06:38
    0
    She will have $73.5 in 1 year

    Step-by-step explanation:

    She has $70 and the interest rate is 5% so we need to add 5% to the initial value

    x = $70 + $70 * 5%

    5% = 5/100

    x = $70 + $70 * 5/100

    x = $70 + $3.5

    x = $73.5

    She will have $73.5 in 1 year
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