A savings account pays interest of 5 percent per year, compounded annually. How much is 100000 forints worth after 2 years?

Answer and explanation

Correct answer: D. forints, from

  1. Step 1: The multiplier for one year is 1.05. Step 2. After two years: . **Answer: forints. Why not the others:** 110000 ignores interest on interest, and 105000 is only one year.

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