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If a bank offers compound interest at a rate of 10% per annum, how much will $10

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Question: If a bank offers compound interest at a rate of 10% per annum, how much will $1000 grow in 2 years?

Options:

  1. $1100
  2. $1210
  3. $1300
  4. $1500

Correct Answer: $1210

Solution: 

Amount = Principal × (1 + Rate)^Time = 1000 × (1 + 0.10)^2 = 1000 × 1.21 = $1210.

If a bank offers compound interest at a rate of 10% per annum, how much will $10

Practice Questions

Q1
If a bank offers compound interest at a rate of 10% per annum, how much will $1000 grow in 2 years?
  1. $1100
  2. $1210
  3. $1300
  4. $1500

Questions & Step-by-Step Solutions

If a bank offers compound interest at a rate of 10% per annum, how much will $1000 grow in 2 years?
  • Compound Interest – The process of earning interest on both the initial principal and the accumulated interest from previous periods.
  • Exponential Growth – Understanding how the amount grows exponentially over time due to compounding.
  • Mathematical Operations – Applying basic arithmetic operations and understanding the order of operations in calculations.
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