SOLUTION: Find the compound amount on a deposit of $100 at 5% for 5 years by multiplying the original amount deposited by 100% plus the compound rate.

Question 1141065: Find the compound amount on a deposit of $100 at 5% for 5 years by multiplying the original amount deposited by 100% plus the compound rate.
Answer by greenestamps(13206) (Show Source): You can put this solution on YOUR website!

100% plus the 5% interest rate is 105%, or 1.05; the growth factor each year is 1.05. In 5 years, the original amount gets multiplied by the growth factor 5 times.

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SOLUTION: Find the compound amount on a deposit of ​$100 at 5​% for 5 years by multiplying the original amount deposited by​ 100% plus the compound rate.

SOLUTION: Find the compound amount on a deposit of $100 at 5% for 5 years by multiplying the original amount deposited by 100% plus the compound rate.