SOLUTION: one thousand dollars in a savings account pays 7% interest per year. The interest earned after the first year is added to the account. How much interest is earned on the new princi
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-> SOLUTION: one thousand dollars in a savings account pays 7% interest per year. The interest earned after the first year is added to the account. How much interest is earned on the new princi
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Question 40878: one thousand dollars in a savings account pays 7% interest per year. The interest earned after the first year is added to the account. How much interest is earned on the new principle the following year?
(the answer is not $144.9)
Thanks you very much Answer by checkley71(8403) (Show Source):
You can put this solution on YOUR website! 1000*.07=70 INTEREST AFTER THE FIRST YEAR
1070*.07=$74.90 OR THE INTEREST EARNED ON THE PRINCIPLE OF $1070 DURING THE SECOND YEAR.
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