Felix deposited $500 into an account two years ago.The first year he earned 3 percent interest and the second year he earned 5 percent interest.How much money does Felix have in his account now?
A)$540.75
B)$540.80
C)$540.85
D)None of the above are correct to the nearest cent.

Question

Quizplus · Accepted Answer

Felix's account after the first year: $500 * 1.03 = $515. After the second year: $515 * 1.05 = $540.75.

Felix Deposited $500 into an Account Two Years Ago