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If You Place $100 in a Bank Account That Pays

question 59

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If you place $100 in a bank account that pays 6% at the end of each year,and you leave your $100 and all your interest in the bank,how much will you have in the bank at the end of 7 years with annual compounding?


Definitions:

Paralegals

Individuals trained in legal matters who work under the supervision of attorneys to support them with various legal tasks but are not licensed to practice law.

Dissolved

The process of formally ending or terminating a legal entity or contractual relationship, often involving the distribution of assets.

Sole Proprietor

An individual who owns and operates a business alone, without forming a corporation or a partnership.

Automatically

Occurring or operating without explicit intervention, as in processes designed to happen without human initiation.

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