I need help with this math problem don't know how to do it.
1 answer:
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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:
<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 = $22.
<u>To cents:</u>
B =
B = 2200 cents.
Read more on interest here: brainly.com/question/24341207