True/False
Tim has $100 in a bank account paying 2% interest per year.At the end of 5 years,Tim's bank account balance will be $110 if interest is not compounded,but will be greater than $110 if interest is compounded.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q118: You want $20,000 in 5 years to
Q119: How much would you be willing to
Q120: At an annual interest rate of 9%,an
Q121: Tim invested $1,000 in a mutual fund
Q122: You are thinking of buying a craft
Q124: A 65 year-old man is retiring and
Q125: How much money do I need to
Q126: You have been depositing money at the
Q127: You have been accepted to study international
Q128: How does compound interest differ from simple