mayathesmartgig mayathesmartgig

21-04-2022
Mathematics

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If you invest $200 at an interest rate of 10%, how much money will you have after three years?

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jeremiahmandukic jeremiahmandukic

21-04-2022

Well, if it’s just an interest rate of 10% then you would have $220 if you have an interest rate of 10%.

If it’s an annual interest rate (yearly interest rate), then you would have $266.20

1st year: $200 x 1.10 = $220
2nd year: $220 x 1.10 = $242
3rd year: $242 x 1.10 = $266.20

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