QUIZ: Can We Guess Your Education Level?

Corey Moylan | July 2, 2024 8:19 pm

If you have $100 in a savings account earning 2 percent compound interest a year, how much will you have after five years?

80%
A ceramic pig seen with a background of dollar bills...
Retry Correct Incorrect If you invest $100 at 2 percent, after one year you’ll earn $2 in interest. After one year you have $102, so the 2 percent interest will be applied to $102, not $100, so for year two you’ll earn $2.04. This means that after five years, you’ll have $110.41.
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Igor Golovniov/SOPA Images/LightRocket via Getty Images
Igor Golovniov/SOPA Images/LightRocket via Getty Images

If you have $100 in a savings account earning 2 percent compound interest a year, how much will you have after five years?

  • $10.00
  • $110.41
  • $12.00
  • $102.00
80%

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