Ron had $100 in his bank account in 2008. He will have a final balance of _____after 3 years if the rate of return is 1%.
A) $101.01
B) $103.03
C) $130
D) $300

Name: Ron had $100 in his bank account in 2008. He will have a final balance of _____after 3 years if the rate of return is 1%. A) $101.01 B) $103.03 C) $130 D) $300
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Question

Quizplus · Accepted Answer

The balance after 3 years with a 1% annual interest rate is calculated using the formula for compound interest: $100 * (1 + 0.01)^3 = $103.03.

Ron Had $100 in His Bank Account in 2008