Mrs. Scott opened an account with a deposit of $1,750. The bank pays 5% annual simple interest on this account. Mrs. Scott makes
no additional deposits or withdrawals. How much interest will the account have earned at the end of 2 years?
1 answer:
Answer:
At the end of two years Mrs.Scott earned $1929.36 (i rounded the dec.)
Step-by-step explanation:
A= p(1+r)^t
P= 1750
r= .05
t= 2
A= 1750(1+.05)^2
A= 1929.375
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