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BUS 312Unit 1Problem solver

Unit 1 questions, solved step by step.

Pick a question, try it, then walk through the solution one step at a time. The givens each step uses light up and the timeline builds as you go. Type your own numbers to solve a homework question with the same shape.

Question 1 of 6CoreTutorial question from the slides

Leaving savings alone to grow

Maya opens a savings account at a Squamish credit union with one deposit of $2,000.00. The account adds 6% interest at the end of every year. She never adds money and never takes any out.
  1. What will her balance be at the end of the first year?
  2. What will it be at the end of year 3?
  3. Some of the interest she collects over those 3 years is interest paid on interest that was already added. How much?
Given
Single deposit today$2,000
Interest rate per year6%
Years left untouched3 years
Solution
Balance at the end of each year
0$2,000.00123
DepositInterest
Read the question and the givens first. Try the first part yourself, then press Start solving.
a. Balance after 1 year
?
b. Balance after 3 years
?
c. Interest on interest
?

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