Suppose you have $100 in a saving account earning 2 percent interest a year. after five year how much would you have

$110.41

Explanation:

Provided that the interest is a "compounding interest," you will have $110.41 in 5 years. A compounding interest allows you to calculate the interest you can earn on your accumulated interest over time in addition to your deposit.

Let's calculate the interest on a yearly basis.

1. First year = $100 x 20% (0.02) = $2

You have to add $2 to the initial deposit of $100.

2. Second year = $102 x 20% (0.02) = $2.04

3. Third year = $104.04 x 20% (0.02) = $2.0808

4. Fourth year = $106.1208 x 20% (0.02) = $2.122416

5. Fifth year = $108.243216 x 20% (0.02) = $2.16486432

After five years, you will have $110.41.

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