Question

Gabe has $100 in a savings account.The interest rate is 5% per year and is not compounded. How much will he have in 1 year?

Answer 1

Answer:

I believe the answer is $105.

Step-by-step explanation: Because the interest is not compounded, that means that the formula would be 100(.05)(1), and then adding that number (5) to the answer, which is 105.