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Suppose you have $100 in a savings account earning 2 percent interest a year. After five years, would you have more than $102, exactly $102 or less than $102? More than $102 Less than $102 Exactly $102


Hey there! Hello!

For this problem, take the interest equation into account: I = Prt. I is the interest, P is the principal amount that will be invested, r is the rate of interest per year (expressed in decimal form, where 90% is 0.9, for example), and t is the amount of time. Let's solve the amount of money gained from interest after one year:

I = Prt
I=100*0.02*1
I=2

That means 2 dollars are earned after one year. If $102 is the total after one year, and interest is earned yearly, it surely can't be $102 at the end of five years. So, let's solve for five years this time:

I = Prt
I=100*0.02*5
I=10

So, at the end of five years, $110 will be earned. This is more than $102 dollars, meaning that your first answer choice is the correct one. 

Hope this helped you out! Feel free to ask me any additional questions you may have. :-)

Related Questions

Posted in Business

Samantha has a loan with an interest rate of 6.67 percent now, but the rate could increase 2 percent next year. What lending term best describes this loan? 1)finance charges 2)fixed rate loan 3)APR 3)variable rate loan

Answer: 3 Variable Rate Loan.

The variable rate loan best describes the loan agreement because the rate can vary and become a different percent over the course of the loan agreement. When you agree to loan terms with variable interest rates it is important to remember when they will change and check the interest rate amounts at any given time over the course of the loan, sometimes the loan terms jump drastically if not paid by the initial given rate.

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Suppose that Eric, an economist from a business school in Georgia, and Ginny, an economist from a public television program, are arguing over saving incentives. The following dialogue shows an excerpt from their debate: Ginny: I think it’s safe to say that, in general, the savings rate of households in today’s economy is much lower than it really needs to be to sustain the improvement of living standards. Eric: I think a switch from the income tax to a consumption tax would bring growth in living standards. Ginny: You really think households would change their saving behavior enough in response to this to make a difference? Because I don’t. The disagreement between these economists is most likely due to _____ . A. Difference in values B. Difference in scientific judgements C. Difference in perception versus reality Despite their differences, with which proposition are two economists chosen at random most likely to agree? A. Employers should not be restricted from outsourcing work to foreign nations. B. Central banks should focus more on maintaining low unemployment than on maintaining low inflation. C. Business managers can raise profit more easily by reducing costs than by raising revenue.

Correct option: Difference in scientific judgements

Both Eric and Ginny are from different backgrounds are working at the different levels of economic understanding. They have different skills sets, values and thought process for the same economic problem. Therefore, there is a difference in scientific judgement.

Correct Option A: Employers should not be restricted from outsourcing work to foreign nations.

The fundamental of economics suggest to make the best use of available resources. It suggests that if the cheap and qualified laborers are available abroad, no economy should hesitate in hiring them. It improves the profitability of the companies and make the product and services cheaper for everyone.


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What was the main reason that Carnegie invested in the Frick Coke Company? A.He wanted to invest in new technology. B.He thought he could help the company become profitable. C.He wanted to make sure he could always get fuel for his steel plant. D.He was interested in the coal business.

Correct answer is C.He wanted to make sure he could always get fuel for his steel plant.

Reason: Coke is always used as fuel for example , petroleum coke. So Carnegie would always get coal by investing in the Coke company

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If the Federal Reserve sells $50,000 in Treasury bonds to a bank at 6% interest, what is the immediate effect on the money supply

APEX verified answer <3

Answer- it is decreased by $50,000

i really hope this helps just got the right answer on apex quiz 1.2.3 <3 <3

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$700 principal earning 5%, compounded monthly, after 9 years

B=P(1+r/n)^nt 

B=Balance 
P=Principle 
R=rate 
n=number of times compounded per year 
t=number of years 

Plug in the values.

I hope my answers has come to your help. God bless and have a nice day ahead!

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Suppose that you took out a loan with a principal of $24,680. To pay off the principal and the interest, you made quarterly payments of $1,382 for six years. Furthermore, you paid a service charge of $396. What was your total finance charge? a. $396 b. $8,488 c. $8,884 d. $8,292

The solution to the problem is as follows:

$1382*24 (4 payments per year * 6 years)=$33,168+$396=$33,564 (Total)

$33,564-$24,680=$8,884
 
Therefore the total finance charge is c.$8,884.

I hope my answer has come to your help. God bless and have a nice day ahead!

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True or false: A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less. True/false 5. True or false: Buying a single company's stock usually provides a safer return than a stock mutual fund. True/false

The statement "A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less" is true.

The statement "Buying a single company's stock usually provides a safer return than a stock mutual fund" is true.

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Money market accounts Single stocks Bonds Mutual funds Fixed annuities Real estate For this assignment: Put the investments in order by least risk to greatest risk. You can list by letter only (for example: a, b, c, d, e, f). On a second line, order the investments by least return to greatest return. Again, you can list by letter only.

Investments in order by least risk to greatert risk.

1) Money market accounts
2) bonds
3) fixed annuities
4) mutual funds
5) real estate
6) single stocks

Money market - low risk, low return
Single stocks - high risk, 
Bonds - low risk, low return
Mutual funds - medium risk
Fixed annuities - high risk
Real estate - high risk

Usually low risk investments give out low but constant returns and high risk investments give out high returns. 

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Suppose that you took out a loan with a principal of $24,680. To pay off the principal and the interest, you made quarterly payments of $1,382 for six years. Furthermore, you paid a service charge of $396. What was your total finance charge? a. $396 b. $8,488 c. $8,884 d. $8,292

Thank you for posting your question here at brainly. I hope the answer will help you. Feel free to ask more questions.
Below is the solution:

$1382*24 (4 payments per year * 6 years)=$33,168+$396=$33,564 (Total)$33,564-$24,680=$8,884


Therefore the total finance charge is c.$8,884.

Posted in Business

Select the items that describe what most likely happens when the Federal Reserve increases the money supply (and people are confident in the economy). Interest rates rise. Businesses borrow more money. Consumption increases. Interest rates fall.

Select the items that describe what most likely happens when the Federal Reserve increases the money supply (and people are confident in the economy).

Consumption increases and interest rates fall.

If there is more money in the economy, then there is an increase in the money supplied and consumed. Due to more being available to 'claim' more people are working and buying items they may not have otherwise and the interest rates start to fall because people aren't borrowing as much.

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When is taking a zero percent APR option more beneficial than a large rebate?

Taking a zero percent APR option is more beneficial than a large rebate when you want  to save more money in the long run. Rebates are usually fixed amounts of money.

Posted in Business

Carlos is looking to open an account at a bank, but wants to avoid as many fees as possible. Which would NOT help minimize fees paid to a bank? Checking with the bank to know what fees it has so he can avoid them. Only using his bank's ATMs to avoid ATM fees. Avoiding the use of a check register. Comparing various banks' fees and services.

I believe that the option that would not help minimize fees paid to a bank is avoiding the use of a check register.
Check registers can usually minimize any fees, so if Carlos is avoiding using them, that would not help him minimize his fees. The other options would. 

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A medium-term goal takes _____ to accomplish. a. 1-2 months b. 1-2 years c. 1-5 years d. 5-10 years

A medium-term goal usually takes 1-2 years to accomplish, but could be more or less depending on the complexity of the goal.

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Select all the items that describe a free market economy. limited selection of goods and services freedom for consumers and producers competition between businesses distribution by price motivated by self-interest

The items that describe a free market economy are  :
- Freedom for consumers and producers
- Distribution by price
- Motivated by self-interest

Hope this helps

Posted in Business

The Treasury Department auctioned $21 billion in 3-month bills in denominations of $10,000 at a discount rate of 4.965%. What would be the effective rate of interest? Round your answer to the nearest hundredth percent.

- Interest = $10000 x .04965 x 13/52 weeks = $124.13 
- Proceeds = $10000 – 124.13 = $9875.87 
- Effective interest rate = $124.13 / (9875.87 x 13/52) = 5.03% 

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In economics, if a good is inelastic, consumers have lost an interest in purchasing it. producers have lost an interest in manufacturing it. its supply or demand is too sensitive to price changes. its supply or demand is not sensitive to price changes.

In economics, if a good is inelastic, then its supply or demand is not sensitive to price changes.

Changes or fluctuations in market prices does not affect the supply and the Demand of inelastic goods.

Further Explanation;

  • Inelastic goods, are types of goods whose demand and supply is not affected by changes in market prices. That is an increase or decrease in market price does not affect their supply or demand.
  • When the price of an inelastic good changes, its supply and demand is unaffected.
  • Examples of such goods include, water and food. Therefore, for inelastic goods, the consumer buying strength and habits remain the same.

Demand and supply in determination of market price

  • Demand refers to the quantity of goods or services that consumers are willing and able to buy at a particular price while supply is the quantity of goods or services that suppliers are willing to supply to the market at a particular price.  
  • One of the factor that determine market prices are the forces of demand and supply, this is based on the ability and willingness of buyers and sellers to undertake selling and buying.
  • Buying and selling occurs at an equilibrium price that is agreed upon by sellers and buyers.  
  • This means the sellers and buyers are willing to exchange a certain quantity of a commodity at this price. Thus, price depends on the demand and supply in the market.
  • However, for inelastic goods such as water and food, the consumer has no option than to buy them at existing prices since they are necessity goods.

Keywords; Inelastic goods, demand and supply, market price.

Learn more about:

  1. Demand and supply; brainly.com/question/6749722
  2. Effect of supply and demand on market price: brainly.com/question/3522474

Level; High school  

Subject: Business

Topic: Demand and supply

Sub-topic: Types of goods

Posted in Business

How would learning how to use excel and a financial calculator help me in my personal and career goals?

It would help you balance your budget better. That way you don't find yourself in financial trouble with debt or creditors. 

In terms of your career, it would help you find a job and keep that job. If you can prove you're good with tools like that, then your boss will be very impressed. The better you perform, the more likely you'll get a raise. 

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