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gregori [183]
2 years ago
10

Ernesto has $20 in an account. The interest rate is 10% compounded annually.

Mathematics
1 answer:
chubhunter [2.5K]2 years ago
4 0

The interest Ernesto will earn in 1 year to the nearest cent is 2200 cents.

<u>Given the following data:</u>

  • Principal = $20.
  • Interest rate = 10%
  • Time = 1 year.

To calculate how much interest Ernesto will earn in 1 year to the nearest cent:

<h3>How to calculate compound interest.</h3>

Mathematically, compound interest is given by this formula:

B=P(1+r)^t

<u>Where:</u>

  • B is the balance.
  • P is the principal or starting amount.
  • R is the interest rate.
  • T is the time measured in years.

Substituting the given parameters into the formula, we have;

B=20(1+0.1)^1\\\\B=20(1.1)

B = $22.

<u>To cents:</u>

B = 22 \times 100

B = 2200 cents.

Read more on interest here: brainly.com/question/24341207

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