SOLUTION: Jim invested $1000 in a bank savings account. The bank pays him 5% annually, that is, for every dollar invested he would get $1.05 next year. How much would Jim have 2 years from

SOLUTION: Jim invested $1000 in a bank savings account. The bank pays him 5% annually, that is, for every dollar invested he would get $1.05 next year. How much would Jim have 2 years from

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Question 225461: Jim invested $1000 in a bank savings account. The bank pays him 5% annually, that is, for every dollar invested he would get $1.05 next year. How much would Jim have 2 years from now?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
1,000(1.05)^2
1,000(1.05)^2
1,000*1.1025=$1,102.50 ANS.
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