After 100 years, a deposit of $1 that compounds annually at 1% returns
A) $2.
B) $2.70.
C) $100.
D) none of the above.

Name: After 100 years, a deposit of $1 that compounds annually at 1% returns A) $2. B) $2.70. C) $100. D) none of the above.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Using the formula A = P(1+r)^n, where A is the final amount, P is the initial deposit, r is the annual interest rate, and n is the number of years, we can calculate the final amount:

A = $1(1+0.01)^100
A = $2.70

Therefore, the correct answer is B.

After 100 Years, a Deposit of $1 That Compounds Annually