Felix has $50 in a savings account that earns 5% interest, compounded annually. To the nearest cent, how much interest will he e
arn in 2 years?
1 answer:
Answer:
$55.13
Step-by-step explanation:
50 * 1.05 = 52.5
<em>We do this step twice because the interest is for </em><em>2 years.</em>
52.5 * 1.05 = 55.125
<em>This rounds up to 55.13, your final answer!</em>
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