A school requires an entrance exam score that is in the top 3% of the population in order to be accepted. If an entrance exam ha
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Answer:
$1,980
Step-by-step explanation:
We can use the simple interest formula for this:
<em>P = initial balance</em>
<em>r = annual interest rate</em>
<em>t = time</em>
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First, change 2% into its decimal form:
2% -> -> 0.02
Now, lets plug the values into the equation:
The account balance after 5 years is $1,980
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