Old Time Savings Bank pays 7.25% interest on its savings account. If you deposit $1,000 in the bank and leave it there: a. How much interest will you earn in the first year? (Round your answer to 2 decimal places.) First year interest b. How much interest will you earn in the second year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Second year interest c. How much interest will you earn in the tenth year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Tenth year interest

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A: Answer 1: Information Provided: Deposit = $1000 Interest Rate = 8%

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A:

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A:

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Q: What interest penalty do you pay? (Round your answer to two decimal places)

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