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3 years ago

5

Help a homie out please

1 answer:

erma4kov [3.2K]3 years ago

5 0

my address is 124 conch street come whenever u want

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andreyandreev [35.5K]

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i think id k tho

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Hakim deposited $50 in a saving account earning 10% interest, compounded annually . To the nearest cent , how much interest will

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$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$50\\ r=rate\to 10\%\to \frac{10}{100}\dotfill &0.10\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &2 \end{cases}$

$\bf A=50\left(1+\frac{0.10}{1}\right)^{1\cdot 2}\implies A=50(1.1)^2\implies A=60.5 \\\\[-0.35em] ~\dotfill\\\\ ~\hfill \stackrel{\textit{earned interest}}{60.5 - 50\implies 10.5}~\hfill$

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