Question

Edgar has $30 in an account that earns 5% interest compounded annually. To the nearest cent, how much interest will he earn in 2 years?

Answer 1

Answer:

Total Interest = $3.08

Step-by-step explanation:

A = P (1 + r/n)^(nt)

A = 30(1+.05/1)^(1*2)

A = 33.08

We want to find interest only so subtract principal amount from total value

33.08-30 = 3.08

Total Interest = $3.08

Total Value = $33.08

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